RBC Capital Markets
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Nine banks chosen to run £1.5bn borrowing programme -
◆ First fixed rate sterling covered since February ◆ Order book was 1.5 times oversubscribed ◆ Tenor made the deal 'more competitive', says banker
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◆ Asian issuer opts for £500m no-grow format ◆ Deal offers small new issue premium ◆ Deal takes cue from BMO and KHFC
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◆ First covered bond from DBS since October ◆ 11th dollar covered bond issued this year ◆ Diverse set of deals lined up to follow
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Nvidia's $25bn seven-tranche offering matched Meta’s issuance in late April which are only smaller than Amazon’s $37bn print from March
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◆ RBC's second euro dual trancher of the year ◆ Takes large size in very busy market ◆ 'Nice' to price 4NC3 10bp inside Morgan Stanley, lead says
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Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
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◆ Bank keen to diversify funding from euro ◆ Issuer paid a premium over its normal euro rate ◆ Bawag keen to establish a dollar curve with more issuance
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◆ Canadian bank’s euro covered was first since May 2025 ◆ Order book grew through execution ◆ Banker said new issue concession ‘not a huge margin’
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◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year
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◆ Sterling trade was lender's third tranche of covereds this year ◆ 48bp was in line with fair value, a banker said ◆ Santander UK's first sterling covered since May 2025
