Canada
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The Canadian province of Alberta sold on Thursday its largest ever dollar benchmark with a deal that benefitted from a double whammy of being its first as an SEC-registered issuer and a strong credit story for the oil producer following a rise in the commodity's price in the wake of Opec’s decision on Wednesday to cut production. -
Royal Bank of Canada’s capital markets division dragged on the bank’s fourth quarter results, posting a 13% year on year decline in profits.
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In this round-up, the Hong Kong Stock Exchange saw surges in trading of offshore RMB (CNH) futures, BMO became the first Canadian bank to become market maker for CAD-RMB direct trading, and the country of Djibouti is launching a Silk Road Bank. Plus a recap of GlobalRMB’s top stories this week.
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Public sector borrower supply is beginning to trickle through after a volatile Monday, but bankers are warning that market conditions are far from perfect — and some issuers are still unwilling to take a chance on a deal.
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In this new Monday round-up from GlobalRMB, we bring you a collection of market and regulatory developments from the weekend as well as provide a preview of upcoming events this week.
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National Bank of Canada became the first North American lender to sell a Panda bond on Wednesday, raising Rmb3.5bn ($517m) from a three year note. What stood out, however, was not the deal execution but how the lender managed to convince the regulators that the sale aligns with China’s Belt and Road initiative.
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China’s domestic fixed income market is set for another milestone with National Bank of Canada (NBC) poised to sell a Panda bond on Wednesday – becoming the first North American bank to do so.
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The Province of New Brunswick on Friday broke Canadian sub-sovereigns' silence in the Swiss market, printing well above its minimum size target despite choppy conditions.
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TriOptima, the derivatives post-trade services firm, claims to have performed the first compression of client-cleared trades in its latest SwapClear cycle for Canadian dollar interest rate swaps.
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UK government bonds this week joined the country’s currency in taking a hammering, but public sector bankers are confident that a scheduled Gilt syndication next week will go well — and there could also be arbitrage opportunities in sterling.
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The European Investment Bank was first into the dollar market this week with a three year mandate, the maturity of choice for dollar issuers over the last few weeks. Export Development Canada last Friday sold the first five year dollar benchmark from SSA in several weeks and, while it went well, bankers do not expect other issuers to follow suit.
