Canada
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CPPIB Capital, which mandated banks for a five year benchmark on Friday, has postponed the deal in the face of a hostile market rocked by volatility engendered by the Covid-19 coronavirus outbreak. -
Ontario Teachers’ Finance Trust has chosen four banks to organise a series of meetings with euro fixed income investors, ahead of what will be the issuer’s first bond in the currency.
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Ontario printed a first green bond off its domestic medium term note programme this week, and the deal was over six times covered. Demand for green provincial paper is high, with Ontario coming a week after neighbouring Quebec.
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Export Development Canada has mandated banks for its first dollar benchmark of the year in what has been a quiet week in the currency for public sector borrowers. SSA bankers expect activity in dollars to pick-up next week, despite a US public holiday on Monday.
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Canada’s DRI Capital is preparing to list a new fund on the London Stock Exchange focused on investing in pharmaceuticals royalties.
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Five SSA issuers brought dollar deals to market this week, hitting screens in a variety of formats and tenors. With investors undeterred by volatile government bond yields, issuers made the most of excellent conditions to pull off impressive deals.
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Demand for Quebec’s latest green bond was high with investors pouring into the C$500m ($376.2m) no-grow deal, leading to the books closing after only 20 minutes.
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The Province of Quebec has hired banks to lead a new Canadian dollar green bond — its first since the start of last year.
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The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.
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Royal Bank of Canada’s £1.25bn five year covered bond issued at 47bp over Sonia on Thursday was the tightest and largest transaction to reference the rate ever issued by a bank from outside the UK. The depth of demand illustrated that the bid for Sonia products has grown.
