It’s been almost a year now since the First Nations Finance Authority last came to the market on October 19, 2017, having issued $126 million of its 3.05% Jun-2028 at 107 bps vs Can 1.00% Jun-27, representing 30 bps over Ontario at the time. With new indications hinting that the name could return to the market for a fifth time in the near future, one can’t help but wonder: what has changed for the FNFA credit since then? Simply put: a lot.