Yahoo Finance National Bank of Canada Targets Global Borrowers With Paris Hub
(Bloomberg) -- National Bank of Canada is opening an office in Paris to cater to supranational and government-backed issuers, a segment that’s selling euro-denominated bonds at a record pace this year.
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Simon Cote, who heads the London office, will also lead operations for the Paris branch, said Sean St. John, executive vice president, head of fixed income and co-head of risk management. The office got a license to operate out of France’s capital earlier this month, he said.
“The initial rationale is to expand the fixed income institutional sales coverage in Europe, together with building out our SSA business,” St. John said.
Supranationals, sovereign and agencies or SSAs — which have traditionally raised funds in multiple currencies — borrowed €386 billion ($413 billion) from the syndicated bond market so far this year, according to data compiled by Bloomberg. That’s a record for the period and a 14% jump year-over-year.
Competitors
France has been working to bolster the attractiveness of Paris as a European Union finance hub, building on a wave of relocations after Brexit. Citigroup Inc., JPMorgan Chase & Co., Barclays Plc have a presence in the city.
National Bank’s larger rivals at home, including Royal Bank of Canada and TD Bank, have been arranging euro bond sales for borrowers, including Canadian provinces and pension funds. The province of Saskatchewan is looking at a potential inaugural euro-denominated, 10-year bond deal, with TD being one of the bookrunners, people familiar with the matter said Monday.
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