BMO Capital Markets stories

• Party over for covered issuers as RBC sheds orders

  

  Royal Bank of Canada’s €1.25bn seven year issued on Wednesday dropped more orders than any covered bond has in years, ending up as one of the least subscribed deals of its size since 2011. The transaction starkly illustrated that the balance of power has shifted in favour of investors and offered a salutary lesson for ambitious issuers, writes Bill Thornhill.

  • 13 Jun 2019

• BMO reopens dollar covered bonds

  Bank of Montreal (BMO) has issued the first Canadian covered bond in dollars this year, raising $1.75bn of funding at a cost that was equivalent to what it would have theoretically paid in the euro market. National Bank of Canada was quick to follow, announcing a similar deal at the same starting spread.

  • 13 Jun 2019

• IADB 10 year dollar deal to set the tone in SSAs

  The Inter-American Development Bank hit screens on Monday afternoon for a new June 2029 dollar benchmark. The note is the IADB's first 10 year benchmark of the year and other SSA issuers are circling, ready to enter the market if this deal goes well.

  • 10 Jun 2019

• Wild US rates fail to deter CDPQ and SEK

  CDP Financial and Swedish Export Credit Corp (SEK) were the only SSA names to brave a volatile dollar market this week, and both deals got across the line.

  • 06 Jun 2019

• CDP Financial USD2bn 2.125% Jun 21

  • 06 Jun 2019