Canada

The National Bank of Canada (NBC) has raised Rmb600m ($90.3m) from a three year bond on September 28, becoming the second Canadian issuer to hit the dim sum market in two weeks.

Bank of Montreal launched an inaugural Australian dollar benchmark on Wednesday. As the fanfare for other Canadian financials has demonstrated, the Asian Pacific buyers are likely to come out in full force.

Finnvera will on Wednesday enter a searing market for three year dollars, following a similar trade from Bank Nederlandse Gemeenten that rounded off the Dutch agency’s dollar benchmark funding for the year.

Royal Bank of Canada bagged Rmb900m ($136.57m) from its inaugural public offshore renminbi bond on Friday, making it just the third issuer to seal a dim sum bond this year.

Canadian car parts maker Magna International and French property company Gecina both priced 10 year deals in the European corporate bond market this week. Magna had waited two years since its last euro issue, Gecina just three months.

September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.

Guarantor: Ontario Teachers’ Pension Plan Board

Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.

Harvest Operations Corp, a Canadian oil and gas company, began marketing a dollar bullet on Thursday that is backed by its parent, Korea National Oil Corp (KNOC).

Three borrowers came to market for dollar paper on Tuesday and another hit screens announcing a transaction on Wednesday, as bankers reported strong conditions in the currency.

A new name for the SSA market hit screens on Monday, picking three banks to run a dollar five year transaction. The borrower will share the market with dollar trades from Dexia Crédit Local and Finland.

Third quarter profits in Royal Bank of Canada’s capital markets business fell by 4% on Wednesday, a C$24m drop that the bank attributed to benign market conditions and low volatility.