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Bond issues on fire despite stock rally

Investors want bonds. Lots of ‘em.

Despite a solid stock market, fixed-income new issues have flown off the shelves, allowing certain firms to launch their biggest deals ever.

Last week, Caisse Centrale Desjardins issued $800-million of a 4-year senior note, which was not only upsized from $500-million and had demand beyond the final size, but was also the firm’s largest domestic issue ever as well as its lowest coupon ever, at 2.281 per cent.