(Bloomberg)-Canadian province of Alberta did not use the Bank of America when it sold a euro-communal bond deal in late March, a break from its practice for such sales in the last six years.
Alberta sold a bond of € 1.25 billion ($ 1.4 billion) on 26 March using Barclays PLC, Royal Bank of Canada and Toronto-Dominion Bank on 26 March. Germany’s Nardallab worked as a co-manner on the deal. According to data compiled by Bloomberg, it was first missing from the Syndicate Group for Euro Bond points, over € 100 million since Bank of America 2019.
Governments in Canada are curbing their relations with US businesses in response to the trade war of President Donald Trump and his repeated comments that they want to make Canada the 51st state. After his administration proceeded with tariffs on Canadian goods in early March, the government of Alberta said it would buy goods and services from companies in Alberta or Canada – “or countries with which Canada has a free trade agreement that is being honored.”
Justin Bratinga, a spokesman of the Finance Department of Alberta, said there is no blanket ban on working with the US-based banks. By email, he said, “We have a strong relationship with American financial institutions and will work with them in the future.
He said, “The province is constantly monitoring and assesses the performance of the service providers employed for its funding activities and adjusts its borrowed syndicate based on that performance,” he said.
Bank of America helped reduce the total deals of € 3.85 billion for the province in 2019, 2020 and 2024. A representative of the bank refused to comment.
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