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Vancouver Sun
10-06-2025
- Business
- Vancouver Sun
Ontario drops American banks from U.S.-dollar bond sale in first since 2011
Ontario left American banks out of a US-dollar bond sale for the first time in almost 14 years, choosing Barclays Plc as its foreign bank to help manage a $2 billion debt issue. Canada's largest province sold 10-year bonds last week in a deal led by Barclays and three Canadian banks — BMO Capital Markets, Canadian Imperial Bank of Commerce and Bank of Nova Scotia. It's the first greenback bond issue for Ontario since early January, shortly before Donald Trump's inauguration. The last time U.S. banks were not involved in a US-dollar bond sale by Ontario was July 2011, Bloomberg records show. Since then, the province has done about 40 such deals. Bank of America Corp. was involved in the January sale; Goldman Sachs Group Inc. and JPMorgan Chase & Co. were the U.S. banks on the one before that, in September. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. The deal 'was part of regular bond rotation and U.S. banks were in no way deliberately excluded,' Colin Blachar, a spokesperson for Ontario's ministry of finance, said in an email. 'Bond issuance is run through the Ontario Financing Authority, which is an arms-length organization to government.' Questions to the OFA were referred back to the finance ministry. Ontario Premier Doug Ford has expressed anger over U.S. President Donald Trump's tariffs, which have hit key sectors of the province's economy. In March, after the White House unleashed its first wave of tariffs against Canada, Ford's government released a policy that restricts public-sector entities in procuring from US businesses. The government ordered US-made wine and liquor pulled from the shelves of alcohol stores and said provincial building projects would focus on using Canadian-made materials, as much as possible. But the policy doesn't specifically state that the Ontario Financing Authority can't give new business to US financial institutions. Ontario is the center of Canada's automotive industry, the home to assembly plants owned by General Motors Co., Honda Motor Co. and other manufacturers, and has large steel mills — sectors that have been specifically targeted by Trump in his tariff policy. The province's unemployment rate rose to 7.9% in May, up more than a percentage point from a year earlier. The province expects to borrow nearly $60 billion in this fiscal year to fund a growing budget deficit, and has said that as much as 30%, or nearly $13 billion, may come from foreign markets. Other Canadian provinces are also expected to borrow more this year as an economic slowdown leads to wider budget deficits. JPMorgan has already lost 'a couple' of bond deals tied to the tariff uncertainty, with issuers opting for local banks instead, JPMorgan Chief Executive Officer Jamie Dimon said in April, without giving specifics. Ontario isn't the only province to break with American banks for foreign-currency bonds since the US began placing tariffs on imports from Canada earlier this year. In April, Alberta sold a €1.25 billion ($1.4 billion) bond without using Bank of America, a first in six years. That exclusion, which Alberta said at the time wasn't the result of a blanket ban, aligned with the broader provincial move to reject US goods and services. British Columbia, on the other hand, sold a $2.5 billion US-dollar bond on Wednesday using a syndicate group that included Bank of America and Citigroup. The western province also sold a euro bond with the help of JPMorgan late last month. 'Being an issuer in the US-dollar global bond market can include U.S. banks among the lead managers and support competitive and efficient access to international US dollar investors, as well as strong secondary market performance,' a spokesperson for BC's finance ministry said via email. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Edmonton Journal
10-06-2025
- Business
- Edmonton Journal
Ontario drops American banks from U.S.-dollar bond sale in first since 2011
Article content Ontario left American banks out of a US-dollar bond sale for the first time in almost 14 years, choosing Barclays Plc as its foreign bank to help manage a $2 billion debt issue. Canada's largest province sold 10-year bonds last week in a deal led by Barclays and three Canadian banks — BMO Capital Markets, Canadian Imperial Bank of Commerce and Bank of Nova Scotia. It's the first greenback bond issue for Ontario since early January, shortly before Donald Trump's inauguration.
Yahoo
10-06-2025
- Business
- Yahoo
Wary Wall Street positioning leaves room for S&P 500 to rally
(Bloomberg) — Analysts at firms including Barclays Plc (BCS) and JPMorgan Chase & Co. (JPM) see further upside for US stocks, in part because they expect institutional investors to abandon their cautious stance and ramp up exposure to equities. Next Stop: Rancho Cucamonga! Trump Said He Fired the National Portrait Gallery Director. She's Still There. Where Public Transit Systems Are Bouncing Back Around the World NYC Mayoral Candidates All Agree on Building More Housing. But Where? US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn While stocks have roared back from their tariff-fueled April slide, big money managers remain remarkably underweight: Their overall equity positioning has been lower only 23% of the time since 2010, according to Deutsche Bank AG (DB). President Donald Trump's ever-changing trade policies have led them to show restraint, even as bullish retail investors have helped to push the S&P 500 Index back toward a record high. That positioning reflects tentative sentiment on the part of institutional asset managers, but it gives them room to boost their allocations as they seek to keep up with the market. At Barclays, global head of equities tactical strategies Alexander Altmann says his team is 'staying long and strong US equity risks' over the next few weeks, calling both positioning and sentiment 'too low.' And with the Trump administration's focus seemingly moving from tariffs to tax cuts, 'the path of least resistance is to new highs,' JPMorgan strategists led by Dubravko Lakos-Bujas wrote to clients last week. 'Even after a V-shape rebound in global equities, investor positioning remains light-to-moderate and sentiment is lukewarm.' The S&P 500 (^GSPC) is approaching its first record high since Feb. 19 after a 20% rebound from its April 8 trough. That swift recovery from steep losses occurred in less than two months, the shortest 'vol shock' on record, according to Deutsche Bank strategists led by Parag Thatte. However, much of that advance was driven by retail investors as so-called smart money stayed on the sidelines and largely continues to do so. If stocks keep rising, that could force institutional players to start buying in order to keep up with the advance. Keith Lerner, co-chief investment officer at Truist Advisory Services, said institutional investors, compared with their retail counterparts, have a 'much bigger focus on risk, not just the reward.' While there are catalysts for the market to rally, they're also wary of policy-related pitfalls, he said. 'If it's thundering outside and you decide to drive three hours to get to South Florida from Orlando, you may make it — but is it prudent to do so?' At Deutsche Bank, this cautious mood is part of their S&P 500 bull case. If investors become confident that tariff impacts will be modest and temporary, they'll likely look through any slowing in growth 'and turn overweight in anticipation of a rebound,' according to chief US and global equity strategist Binky Chadha and his team. Chadha and his colleagues expect the benchmark gauge to hit a record high and rise to 6,550 by year-end, another 9% from Monday's closing level. Institutional investors had turned 'deeply underweight' in the aftermath of Trump's April 2 tariff announcement, and began raising exposure when he paused them just days later, Deutsche Bank's Thatte said. The next major test of investor sentiment is the consumer price index due on Wednesday, which will provide clues on how tariffs have impacted inflation. One of the key reservations in joining the rally, according to Frank Monkam, head of macro trading at Buffalo Bayou Commodities, has been concern over renewed bond-market volatility. 'CPI will be key, as well as developments around fiscal policy in the coming weeks and months,' he said. —With assistance from Jessica Menton. New Grads Join Worst Entry-Level Job Market in Years The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again What America's Pizza Economy Is Telling Us About the Real One America Cast Itself as the World's Moral Leader. Not Anymore ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy
Yahoo
09-06-2025
- Business
- Yahoo
Barclays Cuts More Than 200 Investment Bank Jobs to Reduce Costs
(Bloomberg) -- Barclays Plc is preparing to cut more than 200 jobs in its investment bank in the coming days as part of Chief Executive Officer C.S. Venkatakrishnan's plan to boost the profitability of the division. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Senator Calls for Closing Troubled ICE Detention Facility in New Mexico Staffers in investment banking, global markets and research will likely be affected, according to people familiar with the matter, who asked not to be named discussing personnel. Managing directors will be the most senior roles affected, they added. The reduction represents about 3% of the investment bank's headcount. The cuts are meant to give the bank more capacity to invest in priority areas, one of the people said. In markets, the bank has been focused on boosting its market share in European rates, equity derivatives and securitized product trading. In investment banking, the firm has been looking bolster the revenue it generates from equity capital markets and mergers and acquisitions, in particular across the health care, industrial, tech and energy transition industry groups. The move is not a sign that the bank is retrenching away from any products or asset classes, the person added. Although it's prioritizing growth elsewhere, Barclays has committed to its costly transatlantic investment banking model in the face of pressure from investors over the years. 'Like other banks, we regularly review our talent pool as part of our ongoing business operations to ensure continued investment in priority areas,' a Barclays spokesperson said in a statement. The lender made similar reductions just over a year ago. Cost Cuts Venkatakrishnan has been under pressure to boost returns across the investment bank, which consumes large amounts of capital compared with other, higher-returning parts of the business. He has said the division won't be allocated any additional risk-weighted assets from the parent company in the coming years, even as it navigates higher capital requirements from global regulators. The CEO set out a new strategy last year that anticipated about £2 billion ($2.7 billion) of efficiency savings across the bank by 2026, helping to boost earnings and return £10 billion to investors. Barclays' investment bank is by far its largest division, generating £11.8 billion in revenue in 2024, up 7% from a year earlier. The bank is known as a powerhouse in fixed-income markets — though it's been investing heavily in its prime and equity divisions in recent years to catch up to rivals. Many Changes As part of the investor update last year, Barclays said its work to gain share in European rates, equity derivatives and securitized products trading would help it boost revenue by £500 million by 2026. Meanwhile, the push to get back to the 4% market share it last had in advisory and underwriting in 2019 was supposed to yield £700 million in income growth within investment banking. To pull off those goals, the bank has been appointing key leaders and has made several high-profile hires. For instance, it added former Centerview Partners LLC partner Andrew Woeber as its global head of M&A in April and Royal Bank of Canada's John Kolz joined in March to co-run equity capital markets globally. The bank has seen its market share in investment banking inching upward after it had roles on deals including Alphabet Inc.'s $32 billion purchase of Wiz Inc. and Sunoco LP's acquisition of Parkland Corp. for about $9.1 billion including debt. Within markets, revenue for the first three months of the year jumped 16% as the firm's stock traders posted their best quarterly haul in almost three years. Investors seem to be happy with the bank's progress so far, with shares up about 24% this year. That's better than the 8% advance of the FTSE 100 index. The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again What America's Pizza Economy Is Telling Us About the Real One New Grads Join Worst Entry-Level Job Market in Years America Cast Itself as the World's Moral Leader. Not Anymore ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Toronto Sun
09-06-2025
- Business
- Toronto Sun
Ontario drops American banks from U.S.-dollar bond sale in first since 2011
Published Jun 09, 2025 • Last updated 6 minutes ago • 3 minute read Queen's Park in Toronto on May 12, 2025. CYNTHIA MCLEOD/TORONTO SUN Ontario left American banks out of a US-dollar bond sale for the first time in almost 14 years, choosing Barclays Plc as its foreign bank to help manage a $2 billion debt issue. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Canada's largest province sold 10-year bonds last week in a deal led by Barclays and three Canadian banks — BMO Capital Markets, Canadian Imperial Bank of Commerce and Bank of Nova Scotia. It's the first greenback bond issue for Ontario since early January, shortly before Donald Trump's inauguration. The last time US banks were not involved in a US-dollar bond sale by Ontario was July 2011, Bloomberg records show. Since then, the province has done about 40 such deals. Bank of America Corp. was involved in the January sale; Goldman Sachs Group Inc. and JPMorgan Chase & Co. were the US banks on the one before that, in September. The deal 'was part of regular bond rotation and US banks were in no way deliberately excluded,' Colin Blachar, a spokesperson for Ontario's ministry of finance, said in an email. 'Bond issuance is run through the Ontario Financing Authority, which is an arms-length organization to government.' Questions to the OFA were referred back to the finance ministry. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Ontario Premier Doug Ford has expressed anger over US President Donald Trump's tariffs, which have hit key sectors of the province's economy. In March, after the White House unleashed its first wave of tariffs against Canada, Ford's government released a policy that restricts public-sector entities in procuring from US businesses. The government ordered US-made wine and liquor pulled from the shelves of alcohol stores and said provincial building projects would focus on using Canadian-made materials, as much as possible. But the policy doesn't specifically state that the Ontario Financing Authority can't give new business to US financial institutions. Ontario is the center of Canada's automotive industry, the home to assembly plants owned by General Motors Co., Honda Motor Co. and other manufacturers, and has large steel mills — sectors that have been specifically targeted by Trump in his tariff policy. The province's unemployment rate rose to 7.9% in May, up more than a percentage point from a year earlier. This advertisement has not loaded yet, but your article continues below. The province expects to borrow nearly C$60 billion ($43.8 billion) in this fiscal year to fund a growing budget deficit, and has said that as much as 30%, or nearly C$13 billion, may come from foreign markets. Other Canadian provinces are also expected to borrow more this year as an economic slowdown leads to wider budget deficits. JPMorgan has already lost 'a couple' of bond deals tied to the tariff uncertainty, with issuers opting for local banks instead, JPMorgan Chief Executive Officer Jamie Dimon said in April, without giving specifics. Ontario isn't the only province to break with American banks for foreign-currency bonds since the US began placing tariffs on imports from Canada earlier this year. In April, Alberta sold a €1.25 billion ($1.4 billion) bond without using Bank of America, a first in six years. That exclusion, which Alberta said at the time wasn't the result of a blanket ban, aligned with the broader provincial move to reject US goods and services. British Columbia, on the other hand, sold a $2.5 billion US-dollar bond on Wednesday using a syndicate group that included Bank of America and Citigroup. The western province also sold a euro bond with the help of JPMorgan late last month. 'Being an issuer in the US-dollar global bond market can include US banks among the lead managers and support competitive and efficient access to international US dollar investors, as well as strong secondary market performance,' a spokesperson for BC's finance ministry said via email. World Sunshine Girls Golf Canada Editorial Cartoons
