Ontario launches U.S. bond
Oh, that’s real smart. Fill up on enough of those, and watch two currencies head for the bottom for the price of one. Or maybe we’ll help hold the US dollar afloat, barely. Perhaps what’s most likely is that, after absorbing enough of the US’s debt-monetized monopoly money, we’ll be told there’s nothing for it but to peg our dollar to theirs. Such a tiny little article, but so many potential consequences. McGuinty is playing with fire.
Flashback: Canadian dollar finds a solid resting place at parity | Facing years of deficits, Ontario freezes wages | Loonie passes 99 cents US | China rejects Barack Obama’s call to change yuan policy | High dollar to slow recovery, central bank says | Canada’s rate hikes will be tied to the Fed | Russia to add loonie to reserves: report | The time has come for North American monetary union | Loonie continues race toward parity with U.S. dollar | US dollar set to be eclipsed, World Bank president predicts | Bilderberg Wants Global Currency Now | Dollar to fall under scrutiny at G20 summit | IMF approves $13bn gold sale to boost lending fund | UN wants new global currency to replace dollar | G20 agrees to continue economic stimulus measures; Geithner shops international reserve accord | China Set to Buy $50 Billion in IMF Notes | Ottawa plans U.S. dollar bond | Central bank of Canada stands ready to inflate currency in response to strong loonie | Timothy Geithner: travelling bond salesman | China calls anew for super-sovereign currency | No one talking about dumping dollar: China minister | Chinese economists deem huge holding of US bonds “risky” as Geithner visits | Soaring loonie adds to anxiety over economy | Bank of Canada poised to print money to buy bonds | US backing for world currency stuns markets | Geithner wants a bigger stick | How realistic is a North American currency? | Loonie leaps, then reverses course | Consider a continental currency: Jarislowsky | Globalization makes national currencies obsolete | Vicente Fox Admits Plan For Single NAFTA Currency | Fraser Institute: The Case for the Amero
Andrew Willis, The Globe and Mail
April 7, 2010
Ontario is ramping up its borrowing in U.S. dollars, with plans to set the price Wednesday on a new benchmark 10-year bond.
Investment dealers Bank of America/Merrill Lynch, Deutsche Bank, J.P. Morgan and RBC Dominion Securities began marketing the new debt from their desks in New York on Tuesday, and are expected to set a price on the securities that is about 50 basis points over the benchmark rate by late Wednesday. New benchmark issues are typically more than $1-billion (U.S.), and offerings of $2-billion to $5-billion are common.
Once Ontario establishes this new benchmark with investors, the province can easily issue more bonds with the same maturity.
Canada’s most populous province is running record $20-billion-plus deficits, and Ontario civil servants are relying heavily on foreign credit markets to fund its budget shortfalls. Quebec and the federal government have also established U.S. dollar-denominated benchmark issues.
RBC Dominion continues to be the only domestic investment bank that consistently wins roles in global bond offerings. The dealer is winning these mandates after spending the past decade building U.S. and European credit and currency operations that rival desks at the largest global banks.
Ontario and the rest of the provinces were briefly frozen out of credit markets as their government tabled budgets, and are now back issuing bonds with a vengeance.
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| All maxed out? 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