International bonds: Canada, FRN 8may2020, USD
XS1065374024

DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS

High performance interface for global bond market screening
Full information on close to 500,000 bonds from 180 countries
100% coverage of Eurobonds worldwide
Over 300 primary sources of prices
Ratings data from all international and local ratings agencies
Stock market data from 100 world trading floors
Intuitive, high speed user interface
Data access via the website, mobile application and add-in for Microsoft Excel

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Bond is not traded; the issue is redeemed

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Issue information

Profile

The Canadian corporate bond market is closely linked with the U.S. market and has adopted most of the U.S. market_s structures, practices, and institutional arrangements. The Canadian bond market became increasingly integrated with the U.S. market in the 1990s.
The Canadian bond market has two distinctive features that influence whether a Canadian firm issues bonds in the U.S. or Canada. First, the Canadian HQ bond market is mature, but the domestic LQ market is still in infancy and only accounts for about three percent of the annual corporate debt issuance in Canada. The Canadian LQ firms receive financing primarily through bank loans, private placements, and income trusts, and therefore, are likely to be more credit constrained than HQ firms. Freedman and Engert (2003) find that high-yield Canadian borrowers meet almost all of their financing requirements in the deep and liquid U.S. high-yield bond market.
Second, the Canadian bond market is also shallower than the U.S. market as the demand-side factors limit the size of a bond issue that can be successfully placed in Canada. The Canadian bond market is also less liquid than the U.S. market. Because most Canadian investors follow a buy-and-hold investmentstrategy, the secondary market trading of corporate bonds is thin for all corporate bonds. Thus, to issue large size bonds that cannot be easily absorbed in the domestic market, Canadian firms have to go to the U.S., regardless of their credit quality.

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Borrower

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Canada
Full issuer name

Canada
Sector

sovereign

Volume

Placement amount

125,000,000 USD
Outstanding amount

125,000,000 USD

Nominal

Minimum Settlement Amount

5,000 USD
Outstanding face value

*** USD
Par amount, integral multiple

*** USD
Nominal

5,000 USD

Cash flow parameters

Reference rate

3M LIBOR USD
Coupon Rate

***
Day count fraction

***
Interest Accrual Date

***

Coupon frequency

*** time(s) per year
Payment currency

***
Delay days

*** days
Maturity date

***
Early redemption date

***

Cash flow

Calculations for international bonds are made according to the minimum trading lot

Early redemption terms

***

DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS

High performance interface for global bond market screening
Full information on close to 500,000 bonds from 180 countries
100% coverage of Eurobonds worldwide
Over 300 primary sources of prices
Ratings data from all international and local ratings agencies
Stock market data from 100 world trading floors
Intuitive, high speed user interface
Data access via the website, mobile application and add-in for Microsoft Excel

Placement

Placement method

Open subscription
Placement type

Public
Order book

*** (***) - *** (***)
Coupon (Yield) Guidance

***% - ***% (*** - ***%)
Issuer rating on issue date (M/S&P/F)

*** / *** / ***
Placement

*** - ***
Initial issue price (yield)

(***%)
Bids

*** USD
Number of bids

***
Geographic breakdown

***
Investor breakdown

***
Listing

***

Participants

Bookrunner

***
Depository

***, ***

Conversion and exchange

Convertion date

***
Initial premium

***%
Convertible until

***
Lock-up

*** days
Conversion terms

***

Additional information

***

Latest issues

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News

20/11/2020	Moody's Investors Service affirms Canada at "Aaa" (LT- foreign currency credit rating); outlook stable
20/11/2020	Moody's Investors Service affirms Canada at "Aaa" (LT- local currency credit rating); outlook stable
25/06/2020	Fitch Ratings downgrades LT Int. Scale (foreign curr.) credit rating of Canada to "AA+"; outlook stable
25/06/2020	Fitch Ratings downgrades LT Int. Scale (local curr.) credit rating of Canada to "AA+"; outlook stable
15/01/2020	New bond issue: Canada issued international bonds (US135087K787) with a 1.625% coupon for USD 3,000.0m maturing in 2025

All organization news

Identifiers

Registration

***
Date of program registration

***
ISIN RegS

XS1065374024
CUSIP RegS

***
CUSIP 144A

***
Common Code RegS

106537402
FIGI RegS

BBG006FT5019
WKN RegS

A2RYHX
Ticker

CANADA F 05/08/20 EMTN
Type of security by CBR

***

Ratings

Do not show withdrawn ratings

Bond classification

Coupon bonds
Floating rate
Amortization
Callable
CDO
Convertible
Dual currency bonds
For qualified investors (CIS region)
Foreign bonds
Green bonds
Indexed
Supranational bond issues
Mortgage bonds
Perpetual
Payment-in-kind
Non-Marketable Securities
Redemption Linked
Restructuring
Retail bonds
Covered
Securitization
Structured product
Subordinated
Sukuk
Trace-eligible