RBC Capital Markets
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A pair of borrowers printed oversubscribed dollar deals in conservative maturities on Tuesday, finding conditions easier than at the long end of the euro curve. -
Two SSA borrowers are out with dollar deals early this week — trades that could set the tone for the rest of the week’s issuance in the currency.
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The dollar market has been a haven for public sector borrowers during a tumultuous time for euros, but the possibility US Federal Reserve rate hikes is causing concern that that market could shut too.
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Rentenbank opted to increase the size of a 10 year dollar benchmark over squeezing the pricing tighter on Tuesday.
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A German agency is set to bring a dollar benchmark in 10 years — a tenor that could be due for a comeback after being largely shunned in May.
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Royal Bank of Canada kept the good times going on Thursday, posting record C$2.5bn profits. RBC Capital Markets, the investment bank, kicked in C$625m of that total, up 23% from last year.
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KfW’s second Canadian dollar deal of the year enjoyed strong demand from international investors on Thursday.
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A dollar market that has been a haven for issuers avoiding the troubled euro sector is starting to show signs of congestion, bankers have warned.
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NordLB reopened a four year public sector backed Pfandbrief on Wednesday in a move which locked in exceptionally cheap funding. But because the deal was largely placed with captive German savings banks, it offered little clue about the state of demand for euro covered bond benchmarks.
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The dollar market hosted benchmark covered bond issuance this week as Australia and New Zealand Bank and DNB Boligkreditt issued deals under 144A documentation, in the same size and tenor and at the same spread.
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While turbulence struck the euro market this week, issuers in sterling had an easier time of it with three companies putting together solid deals in the currency.
