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Canadian Companies Sell Record $114 Billion Of Bonds

Canadian companies are selling bonds at the fastest pace on record despite having to pay higher borrowing costs in a volatile market.

Financial institutions are leading Canadian corporations in raising over $114 billion by issuing bonds in the domestic and international credit markets, according to data from Bloomberg Markets.

The amount of money raised from bond sales so far this year far exceeds the $43.57 billion raised during the same period last year, and the $53.56 billion raised in 2015, the previous record.

Corus Entertainment (CJR.B) raised $250 million by issuing high-yield bonds maturing in eight years on February 23, hours before Russia started its invasion of Ukraine, unleashing a spike of volatility. The bonds, which were priced to yield 6%, are quoted at around $99.6 cents each.

Early this week, Rogers Communications (RCI.B) raised almost $10.4 billion U.S. by selling bonds in U.S. and Canadian dollars to repay loans for its planned acquisition of smaller rival Shaw Communications (SJR.B).

Bank of Nova Scotia priced $2.25 billion of five-year bonds with a new issue concession of about 10 basis points as the war in Ukraine triggered a steady increase in risk spreads.

Bond spreads have widened more than 22 basis points since the start of the war in Ukraine at the end of February. All-in yield of the index reached 3.23% earlier this week, the highest level since April 2020.