A C$500 million consumer utility receivables deal for Consumers Waterheater began roadshowing last Thursday in Winnipeg, with Vancouver, Montreal and Toronto to follow via joint leads TD Securities and Scotia Capital.
Sources noted that the transaction has been in the market since December.
Price talk is not out yet, but will likely be over five-year and seven-year equivalent Canadian Government bonds.
The deal is expected include two tranches benchmarked off of the last Canadian National Bank Credit Card Trust. In a recent marketing pitch, officials suggested investors look to five-year bank NI ABS plus a concession. The deal has been rated AAA' by Standard and Poor's.