UPDATE 1-Canada set to issue first US dollar debt in two years

Thu Feb 20, 2014 8:14am EST

By John Geddie

LONDON, Feb 20 (IFR) - Canada is set to price a USD3bn five-year Global bond later on Thursday, its first debt issue in the currency for two years, said a banker managing the sale.

The sovereign, rated Aaa/AAA/AAA by Moody's/S&P/Fitch, has fixed the spread on its SEC-registered Global maturing in February 2019 at 11bp over US Treasuries, after orders nearly reached USD8bn.

The bonds were initially marketed to investors at 12-14bp over Treasuries on Wednesday afternoon, before official guidance was set at 12bp area on Thursday morning.

The deal is expected to price later on Thursday via HSBC, JP Morgan, RBC and Scotia, marking Canada's first US dollar bond sale since a USD3bn five-year in February 2012.

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