RBC Capital Markets
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KfW returned to the Canadian dollar market in benchmark size for the first time in more than a year on Thursday.
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KfW is set to price its first Canadian dollar deal of the year on Thursday, after mandating banks for a five year bond on Wednesday afternoon. -
High grade borrowers were thin on the ground in the US market this week as volatility roiled equities and earnings blackouts loomed large.
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UK private equity firm Apax Partners has made a €730m buyout offer for Exact Holding, the Dutch accounting software company.
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Buoyed by progress in US corporate finance where it has become a top ten player for the first time, RBC is building its European business as well, writes David Rothnie
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Eiffage, the French construction and concessions company, has signed a €1bn five year revolving credit facility with 16 banks. The deal was 25% oversubscribed.
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The lack of a securities lending market for green bonds could be stifling the ability of banks to make markets in the product, leaving the buyside struggling to pick up paper in secondaries, a leading investor told GlobalCapital this week. But on the primary side, green demand grows ever healthier, with another set of firsts from public sector borrowers on the way.
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In a week with no senior or subordinated issuance in euros, RSA Insurance and Suncorp-Metway took centre stage with sterling prints. Both financials were able to get successful deals away despite struggling with turbulent markets, though they did catch some flak for issuing in volatile conditions.
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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.
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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.
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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.
