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Toronto-Dominion Bank and five other Canadian lenders could have their credit ratings downgraded by Moody’s Investors Service next week, an analyst at the Bank of Nova Scotia said.
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Canadian firms are poised to exceed 2012’s record bond issuance next year as they take advantage of the lowest borrowing costs in two decades amid a slowing economy.
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Canadian companies led by Bank of Nova Scotia and Sobeys Inc. raised almost C$3 billion ($2.8 billion) selling bonds the first four days of June, the highest weekly total since April.
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Sales of Junk bonds in Canada may set another record this year after returns exceeded the rest of the world’s high-yield corporate debt market in 2010 and as companies reduce their reliance on bank borrowings.
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Outstanding Canadian commercial paper grew in April for the first time in a year, rebounding from an almost 13-year low, as the economic recovery and increased confidence in the ability to roll over debt led to more short- term borrowing.
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Canadian corporate borrowing costs rose last month for the first time in more than a year after the Bank of Canada signaled it may raise interest rates as soon as June to curb inflation.
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Bond sales this year by Canadian companies exceeded the totals for 2009 and 2008 and are approaching record levels as companies take advantage of low interest rates to shore up balance sheets.
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Companies sold a record amount of high-yield bonds in Canada this year, taking advantage of investor demand for alternatives to low-yielding government bonds amid the economic recovery.
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Canadian corporate bond issuance may slow during the second half of the year as funding demand eases amid rising profits and after firms rushed to sell debt earlier this year to benefit from low yields.
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Canadian banks sold debt at a record annual pace through the end of April as lenders reduced their reliance on government-backed mortgage financing as the economy improves.
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