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Markets will be quiet this week, as Canadian and U.S. summer holidays begin, but when investors do start paying attention again, look for a bond financing from Canadian Pacific Railway Co.

CP Rail updated the paperwork necessary to support the sale of up to $1.5-billion (U.S.) in debt on Monday. The railway filed a final prospectus that replaces a preliminary document, TD Waterhouse said in a report late Monday.

CP Rail also got an investment grade triple B rating on Tuesday from DBRS for possible issues of up to $1.5 billion of senior unsecured debt, and $1.5-billion (Canadian) of medium term notes.

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Domestic bond markets close early Tuesday ahead of the Canada Day holiday, and will likely remain subdued into next week, as the U.S. 4th of July vacation plays out.

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About the Author
Business Columnist

Andrew Willis is a business columnist for the Report on Business at The Globe and Mail, based in Toronto.He has been in business communications and journalism for three decades. More

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