Canada
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HSBC Canada has mandated joint leads for its first covered bond and held investor meetings on Tuesday. The moves comes after a succession of successful dollar benchmarks from European and Canadian borrowers. -
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Export Development Canada (EDC) added to a record breaking year for non-UK SSA sterling issuance as it printed a £500m floating rate note (FRN) this week. Despite the very strong year for the currency, some trades have struggled in recent weeks — but FRNs such as EDC’s appear to be the exception. Some in the market put that down to concerns over Brexit negotiations.
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Export Development Canada plans to sell its first Sonia-linked bond in 2019, as it adapts to a future without Libor.
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Bank of Nova Scotia (BNS) offered Swiss investors a rare chance to buy its debt with a seven year covered bond from a rare name on Tuesday.
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Export Development Bank brought another big deal to a super strong year for the sterling SSA market, as it took £500m with a floating rate note. More issuers might follow its lead over the coming weeks, said bankers.
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The Province of Alberta pipped the European Investment Bank to the top score of the week in BondMarker, with both issuers printing five year dollar globals.
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Yorkshire Building Society (YBS) and Coventry Building Society have mandated leads for the first five year Sonia-linked covered bonds, Lloyds is out with the first Reg S dollar covered bond from a UK issuer in years, and DZ Hyp has mandated leads for the first deal under its new brand name. Elsewhere, Bank of Nova Scotia has opened order books for a three year sterling tap.
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Three public sector borrowers shrugged off a rally in US Treasury yields to issue a combined $8.25bn in the primary market this week.
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The Province of Alberta was set to price its joint biggest ever dollar benchmark on Thursday, with a $2.25bn November 2023.
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Japan Bank for International Cooperation took advantage of the lack of competing supply and good demand in dollars to suck $3bn out from the primary market on Wednesday. Meanwhile, the Province of Alberta has mandated banks for its third benchmark of the year.
