In brief: Fédération des caisses Desjardins du Québec (FCDQ) began a roadshow today ahead of a potential dollar covered bond, which would be the Canadian issuer’s first benchmark in the US currency since 2012.

BMO, Goldman Sachs and Morgan Stanley have the mandate to arrange investor meetings in New York and global investor calls ahead of the planned 144A/Reg S transaction.

The issuer’s last benchmark covered bond was a EUR750m five year in January, and since establishing its Canadian legislative programme in January 2014 it has only issued benchmarks in euros. Prior to that it issued two dollar benchmarks off a structured programme, the last a $1.5bn five year in February 2012.

The last dollar benchmark was a $1bn (C$1.32, EUR903m) three year from HSBC Bank Canada last Tuesday (3 September), which was priced at 35bp over mid-swaps.