TD Securities
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The Canadian bank has issued covered bonds across four currencies in two weeks -
Neither issuer has left much on the table for investors
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NIB lands tight pricing as IADB goes long
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Both issuers managed to summon large demand for their euro trades
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The supranationals will set the tone for a month crowded with issuance
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Issuer has sold more international bonds than any of its provincial peers in 2023
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Investors more assertive this week, said lead manager
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Reception from investors on Tuesday are weaker than some had expected
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Provinces take a step back from borrowing but pension sector issuers lean forward
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Inflation data in US and rising sterling yields encourage issuance
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◆ June CPI fuels spread tightening ◆ Foreign banks opt for short end dollar funding ◆ RBC copies rival TD's early week foray
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◆ Inaugural public yen bond follows euro FRN and Yankee deals ◆ Yen funding comes close to dollar levels ◆ Gives TD longer funding than what it raised in dollars
