Canada
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Canadian banks will be able to issue debt to meet their total loss-absorbing capacity (TLAC) requirements from September, with issuers focused on the costs of what they expect will be an otherwise straightforward process of rolling over their maturing debt. -
Canada’s office of the superintendent of financial institutions (OSFI) is expected to raise limits on covered bond issuance, paving the way for additional supply from established and new names.
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The moribund dollar covered bond market is set for a renaissance as the cost advantage compared with other currencies and other sources of wholesale funding has improved. Issuers ought to be renewing alternative sources of demand.
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The European Central Bank’s Ad Visser acknowledged its "flexible" approach to covered bond purchases at the European Covered Bond Council’s plenary meeting held in Vancouver on Wednesday. His remark was made in response to a question about whether the ECB was reducing its primary market orders by 10% to a maximum of 30% of a deal’s size.
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Canadian covered bonds are set to become even more attractive under the country’s newly published bail-in regulations, delegates heard at the European Covered Bond Council’s 27th plenary session held in Vancouver on Wednesday. If immigration policy remains unchanged, there will be limited scope for a correction in Canadian house prices.
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SSAs in the dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supranational changed that with a remarkable deal on Thursday.
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Issuers from across the SSA galaxy enjoyed smoothly executed deals all along the euro curve, including one touching down in the currency for the first time.
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The Province of Alberta printed its first ever euro bond on Wednesday, opting to follow its compatriot Ontario in attacking the sweet spot for investors at seven years.
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A trio of euro borrowers picked up a combined €8.5bn on Tuesday, seemingly without testing the limits of demand in the market.
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The Ontario Teachers’ Finance Trust (OTFT) on Tuesday outdid its dollar debut last year for size, as its second ever international trade clocked in at $2bn.
