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Goldman Almost Doubles Amount of Maples Bonds to C$600 Million

Feb. 5 (Bloomberg) -- Goldman Sachs Group Inc. sold C$600 million ($541.5 million) of Canadian dollar-denominated debt in the year’s initial sale of what are known as Maple bonds.

The New York-based bank, which had initially come to market with C$350 million of notes, increased the size of its seven-year offering and priced the debt to yield 173 basis points over benchmark Canadian government bonds, according to a term sheet seen by Bloomberg News.

The coupon was 3.55 percent and the securities yielded 3.568 percent with ratings of Baa1 from Moody’s Investors Service and A- from Standard & Poor’s.

The notes’ yielded more than the 2.3 percent average effective yield in the Bank of America Merrill Lynch Single-A U.S. Banking Index, where the average maturity is 6.1 years.

It was Goldman’s first Canadian issue since January 2013, when it’s C$650 million of notes were sold with a coupon of 3.375 percent.

The Maple bond market, nicknamed for the nation’s maple-leaf flag, regained some investor acceptance after deal-making froze in 2008 following government bailouts of banks that were among the biggest issuers, reaching C$6 billion in 2012 and C$5 billion last year.

The Canadian subsidiary of Wells Fargo & Co., sold C$1.25 billion of seven year notes Jan. 23, with a coupon of 3.04 percent.

To contact the reporter on this story: Ari Altstedter in Toronto at aaltstedter@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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