RBC Capital Markets
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Barclays Bank kept the primary covered bond market alive on Wednesday, launching its first deal of the year and its first Sonia-linked transaction — though at £500m it was the bank’s smallest covered bond yet. -
After a couple of slow weeks for corporate bond issuance in Europe, the pace quickened somewhat on Tuesday, with two €500m no-grow issues. One was from a familiar name - Carrefour, the French supermarket chain - the other from a new one, Samhällsbyggnadsbolaget i Norden, a Swedish residential property company founded only in 2016.
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Rare issuer British Columbia returned to the MTN market this week with its first euro paper since January 2017, in two installments. MTN dealers reckon conditions are favourable for Canadian issuers.
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Royal Bank of Canada has wrought havoc with the traditional pecking order for Canadian financial institutions in the credit markets, beating a better-rated peer for spread amid a string of recent senior issuance out of the country in euros. Market participants took the stunning developments this week as clear proof for a long-standing belief: green funding is simply cheaper. Tyler Davies reports.
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Tesco issued a new £400m six year bond, to fund a tender for bonds from eight older issues, and saw blow-out demand of £3.3bn, as the UK supermarket heads back towards investment grade status.
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Ontario Municipal Employees Retirement System (Omers) printed its debut dollar trade on Thursday, with the issuer expected to return to the market at least once a year.
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Royal Bank of Canada stunned market participants with its first public euro offering of bail-inable senior debt on Wednesday, pricing the deal inside equivalent trades from Toronto-Dominion Bank and Bank of Nova Scotia. The trade was RBC’s first ever green bond.
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Tesco has launched a comprehensive liability management across eight bonds, to be funded by a new issue from its recently updated MTN shelf. The move comes as the UK-based supermarket group teeters on the verge of a full upgrade to investment grade status.
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Ontario Municipal Employees Retirement System (Omers) has mandated for its debut dollar bond, with the pension provider hoping to replicate the success of its compatriot issuers in recent weeks.
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Royal Bank of Canada said on Tuesday that it was looking at the euro market for its first green senior unsecured bonds, at a time when issuers seem to be more in control of pricing than investors.
