CIBC World Markets

Canadian province follows on from Swiss franc trade to rebuild international curves

Issuer hit screens with unfashionable maturity amid soaring US inflation but still achieved a solid trade

Deals all land despite some reservations about maturities

Double digit arbitrage on offer as Canadian borrower lands inside euros

The life and retirement business of American International Group (AIG) made its bond market debut on Thursday as the dollar market regained its swagger

Debut deal to spark further labelled debt development in the country

The short tenor proved a decisive factor in capturing bank investor interest

Canadian borrower began its four year trade by revealing the full range of its price ambitions

Firms turn to sterling and euros to take deals off the table and ease New Year funding pressure

Canadian firms take covered funding off table ahead of a busy year in 2022

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.

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.