RBC Capital Markets

Royal Bank of Canada’s £1.25bn five year covered bond issued at 47bp over Sonia on Thursday was the tightest and largest transaction to reference the rate ever issued by a bank from outside the UK. The depth of demand illustrated that the bid for Sonia products has grown.

The European Investment Bank doubled up in capital markets on Wednesday, hitting screens for a fixed rate sterling benchmark and a Sofr-linked floating rate dollar note.

Landesbank Baden-Württemberg (LBBW) became the first issuer of non-preferred senior bonds in green format in sterling this week. The German lender took advantage of favourable market conditions to print in line with other recent sterling issuers.

The European Investment Bank is keeping a busy pace in capital markets, mandating banks on Tuesday for its sixth syndicated transaction of the year in a core currency.

Landesbank Baden-Württemberg (LBBW) is set to become the first issuer of green non-preferred senior paper in the sterling bond market, as well as the first financial institution to include sustainability ratings in a new deal mandate.

The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply.

High grade corporate names kicked off the 2020 sterling market in style this week, with big books and eye-catching trades for the University of Oxford, Clarion Housing and Ireland's Electricity Supply Board.

A pair of Asian SSA issuers joined a busy dollar market on Wednesday, bringing three and 10 year deals. Demand for three year dollar paper is high, with two more issuers set to join the fray on Thursday.

Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.

KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.

Ireland's Electricity Supply Board opened 2020's sterling corporate bond market on Tuesday and won enough demand to increase the £300m deal slightly.

The European Financial Stability Facility took the spotlight in the euro public sector bond market on Monday with an intraday execution ahead of a busy week. The European Investment Bank, Council of Europe Development Bank, Spain and Cyprus have all announced new deals.