RBC Capital Markets

World Bank hit the Canadian dollar market on Wednesday to begin its 2019/20 benchmark funding programme. It followed the European Investment Bank and KfW which have also been active in non-core currencies this week.

SSA names found the going varied in dollars on Tuesday, with the Inter-American Development Bank only just covering the minimum size of its tightly priced short end trade while Land NRW and L-Bank saw chunkier demand.

Royal Bank of Canada and Credit Suisse turned to the euro market this week to launch bail-inable senior bonds, testing market conditions amid European earnings blackouts and before an expected break for the summer.

A trio of issuers burst into the sovereign, supranational and agency dollar market on Monday, as syndicate officials say they have been pleasantly surprised by how quickly the sector bounced back after a tricky period.

Unipharm, the Irish healthcare services company, has managed to successfully price its €136m IPO in London and Dublin, despite price sensitivity among investors leading to the cancellation of two significant IPOs last week.

Former Lloyds Banking Group trader Christophe Coutte will join RBC Capital Markets as head of macro trading Europe.

Event-driven hedge fund Sand Grove Capital Management has disclosed a 5% stake in UK car dealer BCA Marketplace, the subject of a takeover offer from TDR Capital. The purchase follows big sales from some of BCA’s cornerstone shareholders who had agreed to support the bid, including embattled Woodford Investment Management, and Invesco.

ArcelorMittal jumped into the dollar bond market on Thursday to take advantage of strong funding conditions, after Jerome Powell, chairman of the US Federal Reserve, stoked hopes of a rate cut in July.

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, while a tight Export Development Canada trade followed the next day.

Export Development Canada and Erste Abwicklungsanstalt raised short term dollar debt on Wednesday as the market was buoyed by a dovish congressional testimony from the chair of the Federal Reserve.

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week, a banker said. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, and Export Development Canada and Erste Abwicklungsanstalt are set to follow.

The UK Debt Management Office (DMO) issued its 60th syndicated bond on Tuesday and signalled a “smooth” start to the second quarter of its 2019–20 financial year, as it printed an inflation-linked tap that was eight times oversubscribed.