Canada
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The outlook for euro-denominated primary covered bond volumes may be revised lower over the course of this year as cheap dollar senior unsecured funding and negative euro yields hinder prospects.
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The Province of Manitoba has printed ¥6bn ($59.3m) of 30 year paper, equalling the province’s longest ever note in the currency. -
Export Development Canada has shown that the lower bound for dollar demand falls below the three year part of the curve, as it drew a well oversubscribed book on Thursday for a no-grow $500m August 2018 Reg S/144a deal.
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The dollar market for public sector borrowers is showing remarkable disdain for bankers’ summer holiday plans, with a trio of deals printed across the curve during the usually quiet days of August. But this week’s long dated deals are unlikely to signal jumbo 10 year dollar benchmarks’ return from a long vacation.
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The Province of Alberta is seeking to bolster its following among US investors by becoming a Securities and Exchange Commission registered issuer — a process it aims to complete in September.
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FMS Wertmanagement printed $2bn of bonds on Wednesday for the first time since November 2013 and only the fourth time in its history, as rampant demand in the currency showed no signs of letting up.
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The Province of Quebec (Aa2/A+/AA-) sold an A$80m ($61m) tap of its May 2026 Kanga bond on Wednesday.
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Canadian Imperial Bank of Commerce this week priced the first negative yielding non-Eurozone covered bond, with a well oversubscribed order book and a tiny new issue concession.
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Canadian Imperial Bank of Commerce priced the first negative yielding non Eurozone covered bond and attracted a comfortably oversubscribed order book with a tiny new issue concession.
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The province of Quebec issued a A$75m ($57.3m) tap to its May 2026 Kangaroo bond, taking the total outstanding to A$435m.
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Canadian Imperial Bank of Commerce has tapped its three year sterling covered bond at a tighter spread than it was initially priced and in a considerably larger size than the minimum it had planned.
