RBC Capital Markets
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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. -
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.
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Two supranationals are on screens for ESG firsts. The European Bank for Reconstruction and Development (EBRD) has announced its first green transition bond, while the Asian Development Bank (ADB) is preparing its first foray into the green bond market in sterling, capitalising on strong appetite from UK pension funds.
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The SSA market is on fire this week, with a series of large deals from borrowers all across the SSA spectrum, with green sterling deals enjoying a particularly hot streak.
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The Inter-American Development Bank and the State of North Rhine-Westphalia only managed to raise small sizes in the sterling market on Tuesday, with the leads on the latter declining to comment on whether the deal was fully subscribed.
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Public sector borrowers enjoyed healthy subscription levels and minimal new issue concessions in the five year part of the curve as they returned to the dollar bond market following the Golden Week break in China.
