“Foreign companies issuing in loonies have sold about C$15.2 billion ($12.2 billion) worth of debt this year — the busiest year for Maple bonds since 2007,” McNeely reports. “That’s helped drive sales in the Canadian market to about C$70.3 billion this year, just shy of the C$71.4 billion record set in 2013 for the same period, according to data compiled by Bloomberg.”
McNeely reports, “Cupertino, California-based Apple was able to sell C$2.5 billion of seven-year debt this month at a spread of 10 to 15 basis points tighter than in U.S. dollars on a swapped-equivalent basis, Liam O’Sullivan, a portfolio manager for RP Investment Advisors, which has C$4.3 billion in assets, said by phone from Toronto. ‘I think that’s a green light to any large, sophisticated U.S. issuers that want to diversify their funding program,’ he said. ‘I think they will look at the Apple transaction and think maybe this Canadian market is worth looking at.'”
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MacDailyNews Take: Bring on U.S. corporate tax reform and the repatriation holiday!
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