Canada
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For the third quarter this year (April to July), profits at Royal Bank of Canada’s capital markets division fell, but the numbers still look strong. -
Canada has printed a private medium term note in dollars for the first time in over a year.
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The dollar market for SSAs kept up this week’s sizzling form on Wednesday, as another issuer mandated for a benchmark — bringing the total for what is historically a quiet week to four deals.
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Canadian investors are not being put off by China's recent equity and currency volatility. CI Investment, the first Canada-based firm to have obtained a Renminbi Qualified Foreign Institutional Investor (RQFII) licence, has told GlobalRMB that the China is still attractive to those wanting to increase their international exposure.
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Export Development Canada (EDC) has priced its inaugural public bond in offshore renminbi and, having beaten its initial size target on the deal, could soon be back in the market.
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The Asia ex Japan bond market was crowded on August 4 with Oceanwide Holdings and eHi opening books for respective dollar bonds, and Export Development Canada (EDC) and HNA Tourism opting for offshore renminbi (CNH) offerings.
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Covered bond new issue premiums fell this week as six issuers raised a collective €5.5bn in three currencies with total demand of almost €8bn.
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Amaya — Africell — Turkish Airlines — Ashtead
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Royal Bank of Canada has squeezed in senior funding before going into blackout, finding over €2bn of demand for a five year floater on Thursday.
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Covered bond new issue premiums fell on Tuesday as four borrowers launched deals worth over €2.5bn in total, on collective demand of about €5bn. LBBW’s second deal of the month was priced 1bp tighter than its last bond, even though it was two years longer. Bankia was set to issue at less than half the concession paid by peripheral borrowers last week, while Bank of Montreal and Bank of Nova Scotia were set to price in line with recent Canadian predecessors.
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Bank of Nova Scotia, the third Canadian institution to issue a covered bond this week, took €1.25bn with its five year covered bond on Thursday. While the books were slightly slower to build than market rivals BPCE and Commerzbank, the result was still a strong one for the issuer.
