Offshore investor participation surprised to the upside in Export Development Canada (EDC)’s latest Kauri deal. While the rates differential between the US and New Zealand has tended to dampen international demand for New Zealand dollars of late, the Canadian issuer found an uptick in the global bid thanks to a favourable relative-value proposition.
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Quantum leap for Canadian provinces as Québec smashes Kangaroo record
Investor diversity, relative value and the growing status of the Australian dollar market lined up for Province of Québec as it shattered the record volume for a Canadian province Kangaroo transaction. The A$1.35 billion, 10-year print was nearly four times larger than any previous deal from the sector – a record that had stood for a decade.