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◆ Lead managers propped up order book ◆ Spread to other Länder 'needed more buffer' ◆ Limited read across to other SSA deals
◆ High portion of international investors ◆ New issue premium paid ◆ Spread to KfW tighter
◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows
Funding director Jason Lewis and portfolio manager Greg Horan reflect on biggest ever Canadian provincial bond
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An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
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Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
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Huge order book allowed the issuer to increase size of five year dollar trade
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Issuer had already pre-funded in dollars earlier this year
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◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached
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Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'