CIBC World Markets
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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.
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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.