Published on 2/8/2023 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Export Development Canada prices $3.5 billion 3.875% bonds due 2028
By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., Feb. 8 – Export Development Canada priced $3.5 billion 3.875% bonds due Feb. 14, 2028 on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The bonds priced at 99.586 to yield 3.967%. The spread priced at 39 basis points to SOFR mid-swaps, or alternatively at Treasuries plus 17.5 bps.
Talk started in the SOFR mid-swaps plus 41 bps area, according to a source.
The bonds will be non-callable, except in cases involving Canadian taxation.
BMO Capital Markets Corp., CIBC World Markets Corp. (billing and delivery), Goldman Sachs International and Morgan Stanley & Co. International plc were listed as representatives for the issue.
Proceeds will be used for general corporate purposes.
The bonds will be listed on the Luxembourg Stock Exchange.
Ottawa-based Export Development Canada is a Canadian government-owned export credit agency.
| Issuer: | Export Development Canada
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| Amount: | $3.5 billion
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| Issue: | Global bonds
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| Maturity: | Feb. 14, 2028
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| Bookrunners: | BMO Capital Markets Corp., CIBC World Markets Corp. (billing and delivery), Goldman Sachs International and Morgan Stanley & Co. International plc
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| Co-managers: | Barclays, BNP Paribas, BofA Securities, Inc., Citigroup Global Markets Ltd., Credit Agricole CIB, Daiwa Capital Markets Europe Ltd., Deutsche Bank AG, London Branch, HSBC Bank plc, J.P. Morgan Securities plc, National Bank of Canada Financial Inc., NatWest Markets plc, Nomura International plc, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Toronto Dominion Bank and Wells Fargo Securities, LLC
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| Coupon: | 3.875%
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| Price: | 99.586
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| Yield: | 3.967%
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| Spread: | SOFR mid swaps plus 39 bps, or Treasuries plus 17.5 bps
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| Call features: | Non-callable
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| Trade date: | Feb. 7
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| Settlement date: | Feb. 14
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| Distribution: | SEC registered
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| Price talk: | SOFR mid-swaps plus 41 bps area
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| Cusip: | 30216BJW3
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