RBC Capital Markets
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Conditions across both euros and dollars are as healthy for public sector borrowers as they have been for several weeks and, while issuance was low this week, bankers are confident that volumes will grow.
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Frédéric Lainé has left RBC Capital Markets after four years with the bank. The fixed income veteran is understood to be leaving the banking industry. -
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A German agency is set to bring the second dollar benchmark from an SSA this week — quadrupling the number of such deals in September so far.
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A supranational is set to bring only the third dollar benchmark from an SSA since the start of September, after mandating banks for a deal on Monday afternoon.
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A trio of European public sector issuers tapped Kangaroo and Kauri deals on Wednesday as bankers bemoaned the shortage of larger deals in Australian dollars.
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A £145m trade on Thursday evening in shares of Aldermore Group, the UK challenger bank, came after the FTSE 250 had fallen 0.8%.
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This week produced an encouraging run of equity block trades, with a sprinkling of modestly sized deals on Tuesday, Wednesday and Thursday.
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Iberdrola sold its second benchmark deal of the year on Monday, gathering together a heavily oversubscribed order book despite coming head to head with fellow Spanish issuer Telefonica.
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Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.
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UK energy company SSE opened up the week’s issuance for corporate bonds on Tuesday. While the issuer faced less than ideal market conditions its success presaged a rush of issuance later in the week.
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UK energy company SSE opened up the week’s issuance for corporate bonds on Tuesday, overcoming less-than-ideal market conditions to gather a solidly oversubscribed order book for an eight year bond.
