Loonie Corporate Bond Sales Break Record as CFOs Stockpile Cash
- Intact Financial, Canadian Western Bank take market over top
- Anyone who could sell debt did, Beutel Goodman’s McNamara said
Photographer: Brent Lewin/Bloomberg
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Canadian-dollar denominated corporate bond sales hit an annual record as chief financial officers hoard cash amid uncertainty about the pandemic’s length and economic consequences.
Sales of widely marketed loonie-denominated corporate bonds this year are reaching C$110 billion ($86.15 billion) as companies such as Intact Financial Corp. and Canadian Western Bank sold fresh debt Friday. That’s up from C$103.8 billion sold in 2019 and edges past C$109.2 billion issued in 2017, the previous record.