Videotron Ltd. doubled the size of its bond issue in the first transaction in the Canadian-dollar denominated high-yield market in four months.
Videotron’s deal is the third junk-rated senior unsecured loonie bond sale after Cominar Real Estate Investment Trust and Kruger Packaging Holdings priced transactions earlier this year. While Videotron was able to increase the size of its deal from $400 million, Stelco Holdings Inc., a Canadian company rated five steps below than Videotron, had to pull a U.S. dollar sale earlier Tuesday.
Risk spreads on corporate bonds have stabilized over the last month even as global trade and geopolitical tensions remain. Investors demand 119.8 basis points over the Canadian government bond yields to hold a loonie-denominated corporate bond compared with 122.9 a month earlier, according to a Bloomberg Barclays index.
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