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.
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The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week.
