Canada
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Tata Steel is holding conversations with banks to refinance debt related to its Canadian operations. The talks come even as the company is a week away from winding up a $1.5bn refinancing for its Singapore subsidiary. -
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The primary market looked less stable on Thursday as a seven year euro deal from Bank of Nova Scotia and a sterling deal from Canadian Imperial Bank of Commerce were slow to build and barely oversubscribed. However, a competing euro seven year from Bankia found strong demand.
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Toronto-Dominion Bank followed its quarterly earnings report with a deal on Monday, paying up versus floating rate and dollar formats to extend its euro fixed-rate senior curve with a five year transaction.
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Royal Bank of Canada demonstrated the health of the primary covered bond market on Friday when it priced a €1.5bn deal that offered a minimal new issue concession. And with only one week to go before the European Central Bank’s policy meeting, other issuers will be keen to join apoBank, which mandated leads for a deal.
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Royal Bank of Canada reported a C$24m year-on-year decrease in profits from its capital markets division on Wednesday, as debt origination declined and the bank increased provisions against its oil and gas exposure.
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TradeStation Group has sold the accounts of its IBFX/TradeStation Forex subsidiary to OANDA as IBFX looks to exit the forex dealer business.
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Crude oil is Canada’s second largest export and its price collapse is forcing debt issuers to reconsider their plans, continuing a process they began last year.
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The Province of Ontario has sold privately placed debt in euros for the first time, grabbing duration and attractive pricing with the trade, according to the issuer.
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Toronto Dominion Bank opened books for the fourth three year floating rate sterling benchmark of the year and was set to price the deal at the widest spread of the year. Kreissparkasse Koeln has announced a sub-benchmark sized eight year Pfandbrief.
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The Province of Ontario last Friday took advantage of a calm end to a volatile week, pricing its second green bond in Canadian dollars at the very tight end of guidance.
