Canada
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SSA borrowers shrugged off a hiccup by the Province of Ontario this week to issue a series of strongly supported benchmark euro deals.
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Royal Bank of Canada priced one of the largest dollar covered bonds on Wednesday and despite pricing at the widest spread this year, the deal achieved better execution than was available in senior unsecured or euro covered bonds. It also showed the limitations of an illiquid secondary market for price discovery purposes, but with the real clearing level now set, others should follow.
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Confidence that the market has found the clearing level for euro benchmarks from all public sector borrowers in the world of eurozone quantitative easing is premature. A pulled deal by the Province of Ontario shows the need for price discovery. -
Royal Bank of Canada has mandated leads for a dollar benchmark covered bond that is likely to price at a substantially wider spread than previous similar deals.
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Low yields may have resulted in the first SSA fatality of the year after the Province of Ontario was forced to pull a 10 year euro benchmark on Monday. But some bankers suggested the issuer was simply unlucky.
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The Province of British Columbia brought an inaugural euro benchmark on Thursday, as a supranational issuer reopened a green bond in the currency.
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The European Commission’s proposals to harmonise covered bond regulations across Europe could benefit the market — but will have the biggest impact on covered bond issuers from outside Europe.
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Canaccord has returned to profitability after a period of personal tragedy and collapsing revenues, but questions remain about whether the mid-market integrated model can support global ambitions, writes David Rothnie
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The euro benchmark market is set to welcome a debut issuer this week, while a rare borrower in the currency was able to increase a syndication from its initial €500m target.
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The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.
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Cities and municipalities are some of the most suitable issuers for the green or socially responsible bond market, but the cost and effort could be too much to for some. Jonathan Breen reports.
