RBC Capital Markets
-
-
A remarkable sterling deal from the European Investment Bank sparked off a week that could become a record opener for supranational and agency issuance in the currency. -
Royal Bank of Canada, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia and Deutsche Pfandbriefbank tapped the sterling covered bond market this week at cheaper levels than they could have achieved in euros and dollars.
-
Inter-American Development Bank and World Bank opened the Kangaroo market with five year prints on Wednesday and Thursday respectively. Unexpectedly strong Australian investor support made World Bank’s trade the largest SSA offering since July.
-
Autoroutes du Sud de la France, the French toll road operator, tested the investment grade euro corporate bond market’s taste for tenor on Thursday with a 10 year trade.
-
Searing conditions in the sterling market could lead to a record opening week of SSA issuance in the currency as a pair of issuers lined up deals for Friday — despite this only being a four day week.
-
German chemicals producer BASF snatched a steal in sterling on Tuesday as it printed flat to its curve with a £300m long eight year trade that began 2017’s corporate bond issuance in the currency.
-
A dual tranche global deal from the Asian Development Bank on Wednesday at least temporarily dashed hopes that this year could be strong for 10 year dollar benchmark issuance — although some bankers away from the trade felt that the problems were idiosyncratic rather than reflective of demand.
-
Royal Bank of Canada took advantage of deeper demand for fixed rate paper than floating in sterling covered bonds, issuing a five year trade on Wednesday. RBC has gathered more demand for its deal than Canadian Imperial Bank of Commerce, which issued a floating rate deal a day before.
-
High volumes of issuance have boosted confidence in FIG primary market conditions at the start of 2017, with bankers expecting flows to remain high until banks start going into blackout later this month.
-
KommuneKredit and the Asian Development Bank (ADB) will reopen the dollar market for SSA borrowers on Wednesday. Meanwhile, the EIB is lining up to perform the same service in sterling bonds.
-
KfW placed its final deal of the year on Tuesday, tapping a short dated sterling line and making this the busiest December for offshore SSA sterling issuance in over a decade.
