RBC Capital Markets

After weeks of limited issuance, the dollar market is primed to spark into life next week as investors clamour for a chance to use up accumulated cash. The European Investment Bank and Municipality Finance are tipped to launch deals, while Ontario stole a march on other issuers by mandating banks on Thursday afternoon for a benchmark.

Another day, another bond issue for Volkswagen, which plunged into the sterling market on Tuesday, only three UK working days after a €300m three year FRN that was tightly priced but did not set the world alight.

Two more instalments in the unfolding saga of the corporate floating rate note appeared this week, with a €500m 4.9 year deal by Société des Autoroutes Paris-Rhin-Rhône on Tuesday and a €300m three year by Volkswagen Bank on Wednesday.

French geosciences firm CGG came to the high yield bond market for the second time in less than a fortnight on Monday, following its euro debut with a return to dollars.

Inter-American Development Bank treasurer Søren Elbech signed off with a final benchmark before he moves to Danish wind turbine manufacturer Vestas at the end of the month, raising $2bn with a July 2017 global bond on Wednesday. Despite the deal being slightly undersubscribed, bankers away from the trade were impressed that the supranational was able to raise so much cash at a near rock-bottom yield.

Dan Botoff, the head of fixed income syndicate for the Americas at UBS, has quit to join RBC Capital Markets.

This week's bank people moves

Investors snapped up a pair of tightly priced benchmarks from public sector issuers this week — setting up for promising issuance conditions when their funding officials return to the office after the Easter break.

SSA issuers are tipped to begin bringing socially responsible bonds to Australian dollars in greater volumes in the near future, with the World Bank unveiling the first ever green Kangaroo bond on Wednesday — highlighting a new range of investors in Australian dollar bonds.

The head of fixed income syndicate for the Americas at UBS has left the bank to join a Canadian rival.

US investors’ appetite for bond issues remained sharp this week, while issuance dipped, as they grabbed opportunities to participate in deals from less frequent issuers like MidAmerican Energy and Interpublic Group and gobbled up extra spread.

Volkswagen Financial Services jumped into the euro bond market on Tuesday for a big deal, raising €1.5bn in a sale that demonstrated its pragmatic approach to pricing and the stability of demand for Volkswagen’s paper.