RBC Capital Markets
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Electricité de France this week delivered a lesson in execution and timing as it hoovered up pent up demand for paper as corporate America skulked in earnings blackout amid perkier market conditions. -
Royal Bank of Canada issued the first dollar denominated Canadian deal in three months at the widest spread this year, while Münchener Hypothekenbank supplied the only euro deal of the week.
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A conveyor belt of dollar benchmarks from SSAs passed quality control this week despite tough background conditions. But there are signs issuers are following those in euros by boosting concessions.
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The euro market’s strength over dollars is impelling public sector borrowers to line up the currency for rare or even debut visits — and there are strong signs this opportunity could last longer than earlier windows.
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The Province of British Columbia brought an inaugural euro benchmark on Thursday, as a supranational issuer reopened a green bond in the currency.
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World Bank on Wednesday sold the largest dollar benchmark from an SSA since July, as other issuers lined up deals in the currency.
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The euro benchmark market is set to welcome a debut issuer this week, while a rare borrower in the currency was able to increase a syndication from its initial €500m target.
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The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.
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A supranational has mandated for a dual tranche dollar benchmark, amid signs that issuers are willing to pay up to get size. But Sweden took a different route, pricing a $1bn deal arguably through its curve.
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Several public sector borrowers are tipped to come into a reopened dollar market next week — but some SSA bankers warned that conditions are still not at full strength.
