The US Treasury's 2-year FRN auction hit a high discount margin of 0.089% on Wednesday, lower than the 0.103% high in the previous auction.
The bid to cover ratio for the auction was 3.49, below the 3.52 ratio in the previous auction.
Dealers represented 65.75% of the bids, with direct bidders at 0.20% and indirect bidders at 34.05%.
For takedown, dealers took 26.84%, with direct bidders at 0.71% and indirect bidders at 72.44%.
Osisko Development (ODV.V), down 2.2% at last look in U.S. after-hours trading, said Tuesday it closed a private placement offering of US$225 million aggregate principal amount of 4.125% convertible senior notes due 2031.The company said net proceeds from the offering are expected to total about US$215.9 million after deducting commissions and estimated offering expenses, but before deducting the cost of capped call transactions.Osisko said the proceeds will be used to fund capped call transactions entered into with certain financial institutions in connection with the offering, as well as for the development of the Cariboo Gold Project and general corporate purposes.The company added that the initial purchasers of the notes have been granted an option to purchase up to an additional US$25 million aggregate principal amount of notes.Separately, Double Zero Capital LP, an affiliate of the company, agreed to purchase US$50 million aggregate principal amount of the notes in a concurrent private placement.Shares of the company were down US$0.06 to US$2.72 at last look in US after-hours trading, after closing C$0.01 down to C$3.84 on TSX Venture Exchange.
3:00 Tuesday vs 3:00 Friday2yr 99-14 vs 99-09; 4.047% vs 4.121%5yr 98-20 vs 98-09; 4.183% vs 4.258%10yr 99-02 vs 98-12; 4.491% vs 4.558%30yr 99-19 vs 98-31+; 5.025% vs 5.064%2/10 44.178 bps vs 43.472 bps5/30 84.160 bps vs 80.574 bps
Manulife Financial (MFC.TO) on Tuesday priced an offering in Singapore of S$500 million of 2.880% subordinated notes due June 4, 2036.The offering will qualify as Tier 2 capital for Manulife. The notes will bear interest at a fixed rate of 2.880% until June 4, 2031 and then at a rate of 0.931% over the five-year Singapore Overnight Rate Average Overnight Indexed Swap (SORA OIS) rate.Manulife may, with OSFI approval, redeem the notes in whole, but not in part, on June 4, 2031, a statement said.Manulife shares were last seen down $0.57 to $53.30 on the Toronto Stock Exchange.Price: $53.43, Change: $-0.43, Percent Change: -0.80%