Canada
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A year after issuing its last euro denominated benchmark, Caisse Centrale Desjardins du Quebec (CCDJ) has mandated leads for a European roadshow.
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Nederlandse Waterschapsbank bounced back from a pulled deal last week to print its largest trade in any currency to date on Tuesday, as a Canadian province mandated for a euro deal. -
Royal Bank of Canada launched a €1bn three year floater on Tuesday, adding a euro trade to its recent activity in dollars and sterling before it enters a blackout period in November.
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Royal Bank of Canada issued the first dollar denominated Canadian deal in three months at the widest spread this year, while Münchener Hypothekenbank supplied the only euro deal of the week.
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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.
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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.
