Negative-Yield World Lures Central Bankers to Canada Muni Market
- Sub-zero rates, policy easing leave investors seeking refuge
- Reserve managers turning to niche slice of Canada debt market
Victoria, British Columbia.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
From a suburban office in Victoria, British Columbia, Peter Urbanc finds himself spending more and more time fielding calls from reserve managers and institutional investors halfway around the world.
That’s because as head of the Canadian province’s Municipal Finance Authority, he’s got something they desperately want: AAA rated bonds that actually pay those who hold them.