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Canada, its crown corporations and provinces have proved sought-after safe-haven assets for investors during the crisis era. Central banks have re-allocated assets to invest in the currency and Canada’s bond markets, underscoring the growth of the country’s economic importance. With bond supply set to fall as Canada and its provinces aim to return to a balanced budget by 2015 and a debt-to-GDP ratio of 25% by 2021, the outlook for Canadian public sector borrowers appears rosy. But all is not a picture of robust health in the Canadian economy. Domestic demand has started to sag, wages are stagnant and there are fears of a housing bubble. EuroWeek met in Toronto with senior Canadian public sector debt figures to discuss the extent to which these problems can harm Canada’s run of form, what positive factors there are to look forward to from outside the country and the outlook for their market.

After years of neglect Canada is a long last stepping up its efforts to fill its yawning infrastructure gap. Philip Moore reports on how the private sector and the bond market are playing key roles.

There is little doubt that, by now, international investors have become familiar with Indonesia’s story. The country’s steady rise in credit ratings, as well as the debt management office’s sizeable — and deftly managed — dollar bond issuance over the last decade has meant that it is arguably the stand-out Asian issuer around today. But few Indonesian companies have chosen to follow the sovereign into the international market, relying instead on a domestic debt market that is making strides forward but still has a lot more room to grow. EuroWeek talked to high-profile bankers, analysts and funding officials — including Robert Pakpahan, director general of the country’s debt management office — about what investors can expect in the future, and what changes need to happen to make the domestic market move into the next stage of development.

Well funded, world class, global scale, ambitious and innovative: Canada’s state pension plans and investment funds richly deserved being dubbed ‘Maple Revolutionaries’ by The Economist. Philip Moore reports on a C$1.1tr sector that has made the rest of the world envious of Canada.

With exploration and development energy companies reliant on cashflows, bank debt or asset sales, capital markets bankers are finding more joy in the infrastructure or so-called midstream sector. Philip Moore reports.

Canada might have won the economic war in the past five years, weathering the global financial crisis with a minimum of damage to its economy. But can it win the peace? As Philip Moore reports, much will depend on whether the US can sustain its recovery and whether Canada can succeed in reorientating itself to the growing economies of the next century.

Volatility following the Bank of Japan’s sudden shift in monetary policy in April combined with the surprise absence of Australian banks meant the Samurai market had an even quieter first quarter than usual. But issuers from an increasingly broad range of sectors are making up for lost time, attracted by the opportunities to diversify and secure attractive pricing.

Emerging market sovereigns have started to return to the Samurai markets, first under the protection of a JBIC guarantee but increasingly as stand-alone credits. They are attracted by diversity of funding, and keen appetite from Japanese investors hungry for yield. How far down the credit curve will investors be willing to go? By Chris Wright.

The energy revolution south of border means the pressure on Canada to look towards other markets, most notably those in the Asia Pacific region, is building quickly. Philip Moore reports.

The appointment of Stephen Poloz as the new Bank of Canada governor might have wrong-footed many commentators who had expected Tiff Macklem to get the job. But that’s it as far as surprises go. Poloz has wasted little time in re-emphasing the central bank’s commitment to keeping on top of inflation. As Phil Moore reports, continuity of policy is the name of the game.

Toronto’s financial services sector emerged from the global crisis with its reputation unscathed — stodginess was, after all, a good thing. The next challenge will be to grow its role in the global debt markets. Philip Moore reports.

European financial institutions constitute the core of the Samurai market today. Abenomics has, if anything, increased their allure as investors have grown their appetite for yield while preferring the familiarity of established names. European banks, in turn, enjoy the Samurai market for several reasons: it provides a great deal of diversification from other currencies and investor bases, and leads to still more if issuers go on to issue Uridashi bonds later. Investors are willing to tolerate small and odd-sized tranches across a range of durations, without the insistence on liquidity that is commonplace in other markets; and the investor base tends to be loyal, taking a buy-and-hold approach and rewarding repeat issuers.