RBC Capital Markets
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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. -
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.
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Lloyds Bank Corporate Markets, the non-ringfenced arm of Lloyds Banking Group, has made its capital markets debut. The UK bank went private to place short-end paper in both fixed and floating rate formats, ahead of a debut in the public market later this week.
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On Tuesday, the European Investment Bank took a near-identical approach to KfW on Monday, as it tapped a bond at the short end in sterling, and found similarly strong levels of demand, allowing it to issue £150m more than its planned minimum target.
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RBC Capital Markets’ European SSA DCM head has been appointed to lead the bank’s public sector syndicate team, GlobalCapital understands.
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The prospect of a blockbuster bond deal from US pharmaceutical group AbbVie was welcomed by dollar bond investors this week, after corporate issuance tumbled to its lowest monthly tally this year.
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Royal Bank of Canada’s €1.25bn seven year issued on Wednesday dropped more orders than any covered bond has in years, ending up as one of the least subscribed deals of its size since 2011. The transaction starkly illustrated that the balance of power has shifted in favour of investors and offered a salutary lesson for ambitious issuers, writes Bill Thornhill.
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Three SSA borrowers issued a total of £200m ($255m) of medium-term notes in response to an inquiry for three year non-call one fixed rate sterling bonds on Tuesday — which probably all sold to the same buyer — amid an uptick of paper in the currency.
