RBC Capital Markets
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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.
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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.
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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.
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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.
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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.
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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.
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KfW tapped its December 2025s for £300m on Monday, with the solid demand for the trade being seen as a good omen for the UK sovereign’s sterling linker tap expected this week.
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The European Investment Bank (EIB) and KfW reopened the sterling SSA bond market this week with the first public trades since early June. Demand for the currency has been strong all year round, but supply has wavered as a result of a less attractive cross currency basis swap.
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KfW reopened the sovereign, supranational and agency (SSA) dollar market this week, with the borrower finding a far more welcoming reception than its euro outing a day earlier.
