Feature: New directions in liquidity in key non-core markets
While issuance volumes in the Kangaroo and Kauri bond markets have been relatively more healthy than in the Maple bond market, all deals in the Antipodean markets have come from triple-A rated SSAs. In contrast, FIs have contined to access the Canadian market, albeit in lower volumes than in the past.
Feature: For syndicate, size matters
Some Maple market participants are calling for larger syndicates to ensure strong secondary market support. But as the experience in Australia and New Zealand shows, enhanced liquidity is not guaranteed by having more players on the top line of deals.
Feature: Differences in docs
One of the biggest attractions of the Maple bond market is the ease of documentation – which was so successful it was emulated in the Kauri bond market. In contrast, the documentation process for Kangaroos is both more onerous and more expensive.
Feature: Assessing the indices
Although there are some issues to be resolved around the existence of two indices in Canada, the Kangaroo and Kauri bond markets could learn from the setup of the Canadian bond indices, with their multi-dealer pricing inputs.
Q+A: All about Ontario
Province of Ontario’s borrowing needs of around C$17.7 billion make it the most significant provincial funding entity in Canada.
League tables
Bookrunner league tables for the Kangaroo, Kauri and Maple markets.
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