Canadian dollar
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Issuer aims to diversify as peers bring hefty supply in euros and dollars -
The country's oil dependants must build on the sovereign's net zero journey
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Pricing for sovereign’s inaugural deal starting flat to conventional curve
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Inaugural deal could follow after a week of investor meetings
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Morgan Stanley ventured north of the 49th parallel this week to visit a Maple bond market that is on course for its busiest year for financial institutions issuance since the 2008 financial crisis.
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A pair of globally systematically important banks (G-SIBs) made rare visits to niche bond markets to raise senior debt at a group level this week, including a Canadian dollar market that is enjoying its busiest year for offshore financials since 2007.
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Goldman Sachs made its second visit to the Maple market this year on Thursday. The Canadian dollar market is enjoying its busiest year in four years for offshore issuance.
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Canada will make its green bond debut during its current financial year, which will be the first of many deals in the format by the sovereign. The North American state is also exploring the possibility of issuing social bonds.
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Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.
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KfW became the latest in a series of top SSA names to launch an ESG transaction in Canadian dollars, tapping into a growing base of investors in the country.
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KfW is set to make a return to the Canadian dollar bond market on Tuesday, marking its first appearance in Maples since February 2019, when it sold a C$1bn three year.
