RBC Capital Markets
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Export Development Canada sold its second Sonia-linked floating rate note on Friday, which extends the issuer’s curve linked to the reference rate to 2024. -
Metro Bank completed its long awaited equity capital raise on Thursday night, providing a rare bit of good news to UK bankers and investors despondent over a tortuous Brexit process.
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Japan Bank of International Co-operation and the Municipal Finance Authority of British Columbia gave investors more ways to invest their stacks of dollars on Thursday, though syndicate bankers say the pent up demand for bonds in the currency is still far from satiated.
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Berry Global, the US plastic packaging maker, will raise bonds to finance its purchase of UK plastics maker RPC Group, it said on Wednesday. The debt raising will feature $3bn of senior secured notes in two tranches. This marks the end of leveraged finance bankers' hopes that the auction of RPC would deliver substantial new money supply to the European market.
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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.
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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.
