RBC Capital Markets

RSA Insurance hit the market on Thursday with a tier two sterling print, shrugging off recent volatility in the sub debt market. Bankers away from the deal judged it to offer a generous premium, though they conceded this was justified given recent market conditions.

Rentenbank

Dollar demand for sovereign, supranational and agency names made its first signs of slowing this week, as one benchmark fell short of full subscription and other deals, while still oversubscribed, showed signs of demand being less exuberant than in the first weeks after the summer break.

Keepmoat, a UK homebuilder and renovator of social housing, began meeting investors in Europe on Tuesday to prepare for a potential high yield bond debut.

Bank Nederlandse Gemeenten priced its first Maple bond for seven years on Wednesday. The C$250m ($228.0m) October 2019 was originally planned to be a pure Maple bond but ended up with 144A documentation after US investors wanted in on the deal.

Royal Bank of Canada and Toronto Dominion returned to the dollar covered bond market this week, taking the number of benchmark issues in the currency this month to four. The two $1.75bn triple-A five year deals priced at 27bp and 29bp over mid-swaps, respectively. While the two deals became joint largest dollar deals this year, it was RBC’s deal was the tightest in dollars for several years.

LVMH Moët Hennessy Louis Vuitton has a cachet in the bond market, as in its own field of luxury goods. An A+ rating is rare, and LVMH is an infrequent borrower. It can also rely on the enthusiastic support of French investors.

Delachaux - Co-op Pharmacy - Corialis - Averys - HSE24 - WMF - Cheminova

Euro investors lapped up a second helping of Australian infrastructure bonds on Thursday, placing more than €3.1bn of orders for an inaugural 10 year deal from rail freight operator Aurizon.

Averys, the French industrial shelving supplier, marketed its €165m refinancing loan at a bank meeting in London today.

Société Générale followed up Monday’s rush of subordinated deals with a self led euro benchmark 12 year non-call seven year tier two deal and initial price thoughts offered a chunky new issue premium.

National Australia Bank attracted a high level of European demand for a dollar denominated deal on Tuesday. The unusually broad distribution paid testimony not only to the novel syndication approach, but also the tempting outright yield relative to what would have been seen in euros.