The banks keep tapping Canadian credit markets, with HSBC Bank Canada selling $200–million of two-year notes on Friday.
HSBC (HBC) launched a financing led by its HSBC Securities subsidiary with an eye to raising $150-million. As has often been the case, demand from income-income hungry investors pushed increased the size of the issue. HSBC ended up selling $200-million of floating rate notes, and the paper pays an interest rate 60 basis points over the comparable short-term benchmark.
CIBC, Citigroup (NYSE:C) and the Desjardins Group did large debt deals late last week, as bank tap growing investor demand for yield, and growing tolerance for risk.