RBC Capital Markets

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.

Swiss Re drew an almost four times oversubscribed order book for a debut dated dollar subordinated debt issue on Thursday. The deal showed that appetite for sub debt remains robust among investors, even following starkly reduced demand for additional tier one paper deals from Santander and UniCredit earlier this week.

Swiss Re drew an almost four times oversubscribed order book for its debut dated dollar sub print on Thursday, with leads pricing the deal inside of initial price thoughts. The deal shows that appetite for sub debt remains robust among investors, even following starkly reduced demand in the market for additional tier one paper for prints from Santander and UniCredit earlier this week.

BMW reopened the European benchmark investment grade corporate bond new issue market on Tuesday with a punchy €1.75bn deal that sent a strong signal: spreads — and especially yields — for corporate issuers are set for a very tight autumn. BMW paid a coupon of just 0.5% on its €1bn four year tranche. But despite these pitifully thin yields, investors are eager to buy.

Record performance in RBC’s capital markets business helped the bank to rack up better than expected profits last week, taking its shares to all time highs.

Swiss Re and UniCredit are looking to be the first out of the door in the post-summer subordinated debt market, taking advantage of the recent rally in credit after European Central Bank president Mario Draghi’s comments earlier in the week gave investors confidence that the bank would enhance its measures to boost weak eurozone inflation.

BMW reopened the European benchmark investment grade corporate bond new issue market today with a punchy €1.75bn deal that proved one thing and suggested another. The market is fully open for business after the summer – that is certain. And the signs are that spreads – and especially yields – for corporate issuers are set for a very tight autumn.

Kangaroos and Kauris — not dollars and euros — could grab the attention of supranational agencies in the coming months, with price rather than prodigious volumes likely to be the issuers’ focus as they flirt with near-completed funding targets. Jonathan Breen and Nathan Collins report.

A pair of supranationals enjoyed strong liquidity at the short end of the curve. The Asian Development Bank priced a long two year early in the week, days after the World Bank printed a similar maturity with both deals attracting enough demand to be increased from the minimum target size.

More issuers could follow Bank Nederlandse Gemeenten into the New Zealand dollar market as the country’s rising interest rates create yield grabbing opportunities in the currency, according to niche currency bankers. The Australian dollar market has also produced activity, with L-Bank taking to the long end with a rare print in the currency on Tuesday.