Scotiabank
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Underlying concerns among investors and issuers about covered bonds force them to the sidelines -
◆ 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
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◆ Four issuers out in dollars, three in the same maturity ◆ Swap spread moves foil tightening potential ◆ Deals getting done, but market isn't 'white hot'
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◆ Canadian bank competes in busy session ◆ US dollar equivalence debated ◆ Fast money favours higher yield
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◆ First five year dollar from the issuer since 2021 ◆ L-Bank print provided building block ◆ Further dollar deals planned
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◆ EIB breaks its previous record ◆ Bond prices tight ◆ Deal could inspire further 10 year issuance
