Scotiabank
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Bankers join on two continents as bank seeks to grow in public sector bonds -
◆ Fatigue visible in sterling FIG as Westfield secured bond also grabs attention ◆ UniCredit funds in line with euros ◆ Nova Scotia comes flat to dollars
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◆ Shorter tranche tightens by 3bp ◆ Order book was skewed towards 7 year leg ◆ Issuer placed similar dual trancher in January
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Executive is moving to more senior role
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Underlying concerns among investors and issuers about covered bonds force them to the sidelines
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◆ Canadian bank last issued covered paper in January ◆ Lead managers picked only one comp ◆ BNS has large covered redeeming on Monday
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Second Canadian lender to declare official support for embryonic SSA issuer as government takes lead on establishing new entity
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FIG issuance comes across the capital structure before US banks' earnings
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US FIG issuance spikes above $90bn ahead of expected Fed rate cut
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Market participants hope more jurisdictions will follow as Canadian duo attract record demand
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◆ Scotia moves quickly to tap resurgent sterling market ◆ Trade lands through CIBC and flat to fair value ◆ Confidence returns to sterling covered investor base
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◆ NIB, IADB, CEB price bonds ◆ Busy week drains liquidity from market ◆ Treasury spreads at 'historic' tights
