CIBC World Markets
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Banks seized the opportunity to fund in challenging markets ahead of a looming US government shutdown and increased rates volatility -
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
