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Irwin Michael, CFA, is President and Portfolio Manager at I.A. Michael Investment Counsel/ABC Funds. Previously, he worked at Hodgson Roberton Laing & Company, Morgan Stanley Canada Limited, and Beutel Goodman & Co. He was a director of the Toronto Society of Financial Analysts and is a former vice president of the Toronto Futures Exchange. He is a graduate of McGill University and received an MBA from the Wharton School at the University of Pennsylvania. Profile
Ryan Michael, CFA, is a Senior Research Analyst at ABC Funds. He graduated from the University of Toronto, Rotman School of Management. Profile
Loonie corporate bond sales break record as CFOs stockpile cash
Esteban Duarte, Bloomberg News The Canadian Western Bank logo is displayed outside a branch in Richmond, British Columbia, Canada, on Monday, Aug. 28 2017. , Ben Nelms/Bloomberg
Canadian-dollar denominated corporate bond sales hit an annual record as chief financial officers hoard cash amid uncertainty about the pandemicâs length and economic consequences.
Sales of widely marketed loonie-denominated corporate bonds this year are reaching $110 billion (US$86.15 billion) as companies such as Intact Financial Corp. and Canadian Western Bank sold fresh debt Friday. Thatâs up from $103.8 billion sold in 2019 and edges past $109.2 billion issued in 2017, the previous record.