RBC Capital Markets
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The UK Debt Management Office raised £5bn of January 2045 money this week with a deal that was several times subscribed — despite the potential of an appearance by the governor of the Bank of England before the Treasury Select Committee to induce volatility in sterling bond markets during the book-build. The deal was one of two DMO syndications this week, coming a day before its debut sukuk bond (see cover story).
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A special purpose vehicle linked to Heysta Energy, the Dutch port terminals developer, is set to launch a €350m acquisition finance facility to buy HES Beheer. -
Searing domestic demand for supranational paper allowed the World Bank to sell the largest Kangaroo bond in four years on Tuesday. The deal was the issuer’s second non-core dollar blowout in as many weeks, following its execution of the largest ever Kauri deal on June 13.
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A bevy of SSA issuers was able to print dollar benchmarks at tight levels this week, crystallising strong performances seen since the start of the year.
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Nationwide has fired up the MTN printing press and wants to do more business over the next couple of weeks, according to bankers. The bank priced its first deal in two years last week, but bankers warn that the issuer may need to widen its levels to do more deals.
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Guernsey could follow Jersey into the capital markets, with the bailiwick’s treasury minister considering a debut deal following Jersey’s inaugural debt sale this week. If Jersey’s more than twice oversubscribed debut is anything to by, Guernsey can expect a warm welcome.
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Royal Bank of Canada and Commonwealth Bank of Australia took to the sterling market on Wednesday. CBA drew solid demand for a fixed rate deal in the belly of the curve, while RBC opted for an unusually long tenored floater.
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Commonwealth Bank of Australia and Royal Bank of Canada were both looking to sell sterling debt in the belly of the curve on Wednesday, the Australian issuer looking for fixed rate notes and the Canadian bank for floating rate paper. RBC is targeting an aggressive level compared to CBA, according to FIG syndicate managers.
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European Investment Bank and Export Development Canada showed their Australian dollar appeal this week, selling hefty deals in the belly of the curve. Japanese demand propelled the EIB to success, allowing the issuer to sell its largest Kangaroo deal in three years.
