TD Securities
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Royal Bank of Canada has wrought havoc with the traditional pecking order for Canadian financial institutions in the credit markets, beating a better-rated peer for spread amid a string of recent senior issuance out of the country in euros. Market participants took the stunning developments this week as clear proof for a long-standing belief: green funding is simply cheaper. Tyler Davies reports. -
Syndicate bankers are expecting Kangaroo issuance to wane as the Japanese market shuts down this weekend for an extended holiday and Australia’s inflation outlook worsens.
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Royal Bank of Canada stunned market participants with its first public euro offering of bail-inable senior debt on Wednesday, pricing the deal inside equivalent trades from Toronto-Dominion Bank and Bank of Nova Scotia. The trade was RBC’s first ever green bond.
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Ontario Municipal Employees Retirement System (Omers) has mandated for its debut dollar bond, with the pension provider hoping to replicate the success of its compatriot issuers in recent weeks.
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The Province of Ontario’s three year dollar benchmark this week sparked criticism from onlooking bankers after the spread was set a day before pricing. However, a head of SSA DCM at one of the leads replied that it was the “honourable” thing to do after the deal received more demand than expected.
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Euro investors have been treated to their first ‘bail-inable’ senior bonds from Canadian banks, as Bank of Nova Scotia followed Toronto-Dominion into the market this week.
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Euro investors have been treated to their first two ‘bail-inable’ senior bonds from a Canadian bank this week, after Bank of Nova Scotia followed closely behind Toronto-Dominion Bank with a deal of its own on Wednesday.
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Toronto-Dominion Bank has become the first Canadian issuer to launch a bail-inable senior bond publicly in euros, impressing on-looking bankers by landing the deal with a very tight spread to mid-swaps.
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Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums.
