Banco Santander SA’s executives have contacted bond investors in Canada at a time when issuance of Canadian dollar bonds by foreign companies is picking up.

Santander officials reached out to investors last week, according to people familiar with the matter. While the Spanish lender didn’t market any particular transaction, they said that it may consider a deal in Canadian dollars if the borrowing cost is compelling once the proceeds are swapped back into their home currency, one of the people said.

Sales of corporate Maple bonds so far this year added up to C$5.85 billion ($4.65 billion) after companies such as
Verizon Communications Inc.,
Goldman Sachs Group Inc. and
JPMorgan Chase & Co. priced deals in loonies early this year. That’s equivalent to over 72% of all issuance of Canadian-dollar bonds from foreign companies last year and more than the issuance of such debt in all of 2019.

Santander is a regular issuer of U.S. dollar bonds – a market closely watched by Canadian investors. Last week, it
raised $2.25 billion by issuing 5- and 10-year bonds. A press officer for Santander declined to comment.