CIBC World Markets
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Not all issuers drew large oversubscriptions in mixed market
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At least four issuers will price dollar deals of between three and 10 years on Tuesday
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German issuer upsized the deal despite sell-off in rates
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◆ Canadian bank kicks off new quarter for US market after strong Q1 ◆ Local insurers fund in absence of bank deals ◆ Focus turns to US bank results
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Dollar SSA issuance to build, though euros offering tighter pricing for many
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Issuer has done nearly €3bn of its €10bn programme and may return in March
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Luxembourg-based supra leads Tuesday’s deals as EDC and Land NRW also enter market
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◆ Duration and spread demand dictate investor demand even at tighter valuations ◆ Rabo exemplifies this trend into a €1bn 10.5 year SNP that was more than six times subscribed ◆ NBG and CIBC also print with arguably no concessions left
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US dollar market helped the province to raise an equivalent of five to six domestic bonds
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Banks seized the opportunity to fund in challenging markets ahead of a looming US government shutdown and increased rates volatility
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The Canada Pension Plan Investment Board took immediate advantage of the issuance window following encouraging US inflation data on Thursday to price a new dollar deal.
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Development bank returns to currency after two year hiatus as it nears 80% of funding target
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◆ Arb on offer for Canadian funder ◆ Swiss rates curve inverted, but five year demand still strong
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Issuers target both the short and the long ends of the dollar curve
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Banks alleviate funding costs and diversify buyers as money market funds emerge from banking crisis
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Canadian banks cross the border to fund in the US market as smaller domestic lenders face renewed concerns and imminent TLAC rules
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Funding conditions in the sterling covered bond market have improved on a relative basis, nearly closing the unfavorable differential to euros
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Elevated premium needed as Canadian bank's reopener opts for size over price
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An IG grade supply drought is coming as bank issuance hits seasonal lull
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Issuers see plenty of demand but defining fair value becoming difficult
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Volatility in dollars and dour market mood pushes German agency to postpone trade
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Canadian province follows on from Swiss franc trade to rebuild international curves
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Issuer hit screens with unfashionable maturity amid soaring US inflation but still achieved a solid trade
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Deals all land despite some reservations about maturities
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Double digit arbitrage on offer as Canadian borrower lands inside euros
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The life and retirement business of American International Group (AIG) made its bond market debut on Thursday as the dollar market regained its swagger
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Debut deal to spark further labelled debt development in the country
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The short tenor proved a decisive factor in capturing bank investor interest
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Canadian borrower began its four year trade by revealing the full range of its price ambitions
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Firms turn to sterling and euros to take deals off the table and ease New Year funding pressure
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Canadian firms take covered funding off table ahead of a busy year in 2022
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Banks that have access to diverse pockets of demand will be far better equipped to deal with any contraction in central bank liquidity, which could occur if high inflation spooks policy makers and markets.
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Canadian Imperial Bank of Commerce achieved a roaring success with its $2bn five year 144A deal priced on Wednesday, the first from a Canadian bank in over a year. CIBC managed to achieve a size and spread that would not have been possible in euros and showed the importance of paying attention to key currency markets outside Europe.
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Crédit Agricole announced plans on Tuesday to market its first covered bond from its social framework in what will be a rare maturity. At the same time leads on Credito Emiliano's proposed covered bond opted to wait until the European Union prices its deal is priced before launching.
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Canadian Imperial Bank of Commerce revealed the mandate on Monday for the first Canadian dollar covered bond of the year and the first to be issued in 144A format in over 12 months. Prospects for further issuance in the currency are promising.