RBC Capital Markets
-
Burst of deals this year in uneven market suggests investors want alternatives to Treasuries -
◆ 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
-
◆ Canadian bank’s euro covered was first since May 2025 ◆ Order book grew through execution ◆ Banker said new issue concession ‘not a huge margin’
-
◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year
-
◆ 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
-
Foreign banks took advantage of more stable bond market conditions amid a funding splurge by US banks after reporting bumper first quarter earnings
-
◆ Sterling market welcomes third unsecured FIG deal of the week ◆ RBC's 15bp price tightening is 'encouraging' for other issuers ◆ Relative value works well versus other G3 currencies
-
◆ UK lender's sixth public dollar covered bond of 2026 ◆ Issuer has placed dollar, sterling and euro covereds this year ◆ Deal size fixed at $1.5bn from $1.95bn order book
-
◆ Shorter tranche tightens by 3bp ◆ Order book was skewed towards 7 year leg ◆ Issuer placed similar dual trancher in January
-
Norwegian issuer returns to dollar market after eight year absence
-
◆ Spread fixed at start of execution ◆ RBC has issued four covered tranches this month ◆ Issuer’s last before this month was in January 2025
-
◆ 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
