Canada
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SSA bankers are gearing themselves up for another round of dollar supply next week after the currency’s record breaking January. Buoyant conditions even allowed one issuer to bring a bulky benchmark, despite this week’s public holidays in Asia. -
The Province of Ontario sold a five year global bond on Wednesday, shattering the silence in public sector dollar markets with a $2.5bn trade.
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The Province of Ontario broke the silence in dollar benchmark issuance this week, mandating for a five year deal on Tuesday. Other borrowers are avoiding dollars this week due to holidays in Asia, but Ontario can rely on its strong following in the Americas to push it through, said bankers.
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Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.
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The Nordic Investment Bank and Province of Quebec are set to hit the five year part of the dollar curve on Tuesday, a trade that has returned some bumper deals for public sector borrowers so far in 2017.
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Guarantor: Canadian Pension Plan Investment Board
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Royal Bank of Canada is set to become the first covered bond issuer in Canada to join the Covered Bond Label initiative.
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One of the busiest days ever in the public sector dollar market ended with five issuers sitting on deals printed at the top end of their size targets and with pricing tightened from initial thoughts. Another borrower is already out for Thursday business and bankers predict that conditions are so “incredible” that deal flow will stay healthy into next week — no matter what policy statements incoming US president Donald Trump makes at his inauguration on Friday.
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The Depository Trust & Clearing Corporation (DTCC) has appointed a head of compliance for its European Global Trade Repository (GTR) business.
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