Currencies
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The Canadian bank has issued covered bonds across four currencies in two weeks -
◆ Inaugural deal starts 40bp-50bp back of fair value ◆ BFCM's social sale proves popular as investors pledge €2.9bn
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Neither issuer has left much on the table for investors
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Swiss franc market offered alternative to US PP for Chilean coke bottling franchise
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NIB lands tight pricing as IADB goes long
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From top end high yield to A- rated debutants, investors had a plethora of choice
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Swedish borrower builds curve to fund acquisition
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◆ Competing supply weighs on demand for Ifis deal ◆ Illiquid curve makes deriving a premium tricky ◆ Mediobanca adds to Italian labelled supply
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◆ Smaller European banks 'take advantage' of absent national champions in euros ◆ Bankinter, Santander Consumer Bank land deals with up to 10bp NIP ◆ Austria's RBI prepares debut SNP
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TD has followed CBA into dollars, TSB plans a sterling deal
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◆ Scotia unearths arbitrage and a greenium in Swissies ◆ Label fuels demand among asset managers for inaugural note ◆ Aktia eyes Swiss franc debut of its own
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The turning macro cycle means smaller bank issuers can afford to take their time and steer clear of the seemingly piping hot but unpredictable bond market
