National Bank of Canada joins the ranks of zero coupon issuers, raises €750 million

In terms of coupon it’s about as good as it gets.

We are referring to Thursday’s 750 million euro seven year AAA-rated covered bond issue by the National Bank of Canada (NBC).

For that borrowing the bank was able to attract enough investors to print a coupon that started with a zero and ended with a zero: in other words, NBC is paying 0.00% for the borrowing.

Because NBC’s issue was priced at 99.72 euros per 100 euro face value — meaning a slight discount — the deal came with a...

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