In March 2025, Alberta sold €1.25 billion (about $1.4 billion) bond in Europe to raise money. Usually, Bank of America had always been a part of such deal but this is the first time when Bank of America wasn’t part of Alberta’s bond deal. Instead, major banks were involved in this deal:Barclays, Royal Bank of Canada and Toronto-Dominion Bank as bookrunners. NordLB, a German based bank acted as a co-manager on the deal.
As per the Bloomberg report: Banks are chosen for bond deals based on their performance and may adjust as per choices over time. Alberta may not include Bank of America in bond deals, but bank had helped Alberta in several past bond deals in 2019, 2020, and 2024.
It is believed that not involving Bank of America could be linked to political context. Since U.S. President Donald Trump announced tariffs on Canadian goods, the Canadian government and Alberta started distancing from U.S. businesses. Alberta also said that they prefer to buy goods and services from Canadian or friendly countries that prefer free trade agreements with Canada.
Alberta said that they are not banning any U.S. financial institutions and will work with them if needed. Bank of America representatives have refused to comment on this change.
