RBC Capital Markets
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◆ Bankers pleased with first dollar deal in six months ◆ Price discovery was a challenge say bankers ◆ Deal described as more solid than some recent sterling deals -
◆ Issuer fixed the spread before execution ◆ Third sterling covered bond in three days ◆ Banker said issuer wanted to place before the weekend
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Underlying concerns among investors and issuers about covered bonds force them to the sidelines
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Here are some of the winners in DCM and syndicate
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◆ RBC prices debut euro dual trancher ◆ Minimal attrition despite 'ridiculously tight' spread ◆ KBC finds demand for senior non-preferred
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◆ British building society places first sterling covered of 2026 ◆ Order book surpasses £3bn ◆ First tranche hit fair value, second offered 2bp premium
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◆ Singaporean bank issues first sterling covered since September 2024 ◆ Places £750m on £850m order book ◆ Bankers view deal as flat or just inside fair value
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UK bank trio stands out in heavy Yankee onslaught either side of Fed meeting
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Former KfW funding official to join Canadian bank as it grows euro bond business
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Concentrated pre-Fed funding drives July FIG issuance in the US to over $50bn
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◆ RBC makes fourth visit to euro senior market in 2025 ◆ Fast money sensitive to tightening ◆ Bail-in value vs other jurisdictions evaluated
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◆ Large deal kickstarts FY 2025-26’s linker programme ◆ Shorter maturity caters to investor demand ◆ ‘Consistent, business-as-usual approach’ celebrated by markets
