Global companies including Citigroup (C-N) and McDonald’s (MCD-N) have flocked to Canada’s bond market this year, drawn by strong investor appetite and cheaper borrowing costs, according to LSEG data, analysts and investors.
The trend also reflects a growing willingness among issuers and investors to shift away from the dollar as uncertainty created by U.S. President Trump’s trade policies lingers.
Issuance of “Maple bonds” by foreign borrowers in the Canadian market reached $16.32-billion as of September 25, outstripping the $13-billion for all of 2024 and edging past the $16.28-billion raised in 2023, according to LSEG data.
That jump is partly due to cheaper borrowing costs, said Andrew Parker, co-head of the National Capital Markets Practice at law firm McCarthy Tetrault.
“There was just one deal after another this summer. … Rates in Canada have been more attractive,” added Parker, who worked on NextEra…
