RBC Capital Markets
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◆ CDC raises £500m for first time ever ◆ KfW sets spread from the outset ◆ Two day execution helps distribution -
◆ Each issuer prints larger deal than usual ◆ NWB comes after BNG five year ◆ Quebec gets huge book
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◆ QTC aims to build curve in euros ◆ Monitoring dollars too ◆ Canadian comps used
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◆ QTC inaugural deal could 'open doors' ◆ Bank treasuries supporting 0% RW names ◆ NWB opts for sterling alongside CAF
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◆ NIB, IADB, CEB price bonds ◆ Busy week drains liquidity from market ◆ Treasury spreads at 'historic' tights
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New global structure is reinvigorating push towards top league
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◆ Volatility causes spread losses ◆ Issuer ‘flirted’ with intraday execution ◆ Level ropes in $2.35bn book
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◆ Agency prints ahead of 'Liberation Day' ◆ Proactive approach to funding this year leaves issuer in good place ◆ Ten year euro social bond still in pipeline
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◆ Dollar basis working for euro issuers in five year ◆ Maturity working for issuers in 2025 ◆ Deals come a day before Trump tariff announcement
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Canadian banks cross the border and UOB makes rare return to the US before tariffs imposition
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◆ First euro deal from Candian province hits 'perfect storm' ◆ BNG and AFD print 15 years ◆ All tighten by at least 3bp
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◆ A 'double digit' saving for issuer ◆ Investors 'want defensive, short assets' ◆ More reverse Yankee issuance debated
