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.
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.
Andrew Willis