Canada
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Export Development Canada breezed through its first green bond issue of the year on Wednesday, building a book nearly twice subscribed and tightening 2bp from initial price thoughts. -
A pair of agencies launched socially responsible investment deals in euros on Tuesday, while a third picked banks for a dollar trade.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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What one SSA banker dubbed a “Canadian invasion” of the sterling market moved up a gear this week, as one province debuted in the currency and another returned after a 20 year absence.
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The Province of Manitoba raised £350m with its first ever sterling benchmark on Wednesday, becoming the fourth Canadian province to print in the currency this year.
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The Province of Quebec on Tuesday added the third strong Canadian sub-sovereign deal in sterling this year, tightening 2bp from guidance and pricing through its domestic curve with its first trade in the currency in over 20 years. The Province of Manitoba is attempting to copy the success of its peers in sterling, after mandating for a debut deal.
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The Province of Quebec will print in sterling for the first time in over 20 years after hiring banks on Monday for a five year deal, joining other Canadian provinces in returning or debuting in the currency in 2017. The trade will come in the same week as the UK sovereign sells the first syndication of its 2017-18 financial year.
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Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves.
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The Province of Ontario on Thursday rounded off a stellar week for dollar issuance with a trade that, like those a day earlier, was priced with minimal to no concession and with a well oversubscribed book. Ontario’s deal was perhaps more remarkable though, given a more volatile backdrop on Thursday trading.
