RBC Capital Markets
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CPPIB Capital underwhelmed with its return to the 10 year dollar market on Tuesday, giving further evidence of slowing demand following a string of trades in this part of the curve in recent weeks. -
France’s Unibail-Rodamco-Westfield has set final terms on a €750m trade, with the commercial real estate firm ramping up the size while whittling away at the spread to around a single digit new issue premium.
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Royal Bank of Canada was able to raise £400m of senior funding as though it was on 'autopilot' in the sterling market this week. It is the third Canadian issuer in a month to seek funding in this currency counting as total loss-absorbing capacity (TLAC).
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CPPIB Capital has begun marketing its first 10 year dollar bond in two years as it looks to become the latest public sector borrower to visit this part of the curve, despite the underwhelming demand for World Bank’s trade last week.
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World Bank came tight with its first 10 year dollar benchmark since 2017 this week, but the demand underwhelmed in comparison to a recent spate of successful similar deals from other top tier public sector borrowers.
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The World Bank seemed to find the point of investor exhaustion with its 10 year dollar deal on Wednesday following a recent spate of successful similar deals from other borrowers.
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The World Bank appointed banks on Tuesday to lead its first 10 year dollar benchmark in almost two years to join a flurry of SSAs who have recently ventured into this rarely visited part of the curve in the currency. Meanwhile, Finnvera has mandated banks for its second syndicated trade of the year.
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Richard Boardman has joined RBC Capital Markets to help the bank provide capital and asset-liability management (ALM) solutions to financial institutions.
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The buyout bonds for Merlin Entertainments and Kantar, backed by Blackstone and Bain, will set new standards for European issuers. If the investors strike down the "net short" clauses — as they did in an earlier Inmarsat deal — the sponsors may give up on the controversial strategy to battle hedge funds with large CDS positions.
