RBC Capital Markets
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The dollar market is expected to provide just a handful of deals this week, with a benchmark for the Province of Quebec and a short dated floater for Eurofima up first. -
Vodafone launched and priced on Thursday a $2bn hybrid capital issue, to gain some more equity credit in the eyes of the rating agencies. The deal follows Moody’s decision on Monday to give no equity credit to Vodafone’s £3.4bn mandatorily convertible bond, issued on March 5.
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The European corporate bond market’s charmed life continued on Tuesday, as if the intensifying crisis of Brexit was just a dream. Two triple-B issuers and one single-A all found the same deep demand that has greeted every deal for the past few weeks.
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Sachin Goel has left Royal Bank of Canada to join Millennium Management as an assistant portfolio manager, GlobalCapital understands.
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Kommunekredit, Kommunalbanken (KBN) and World Bank hit screens for dollar deals on Monday, as bankers said that this week offers a decent window for issuance in the US currency.
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Dollar SSA issuance is expected to pick up next week, thanks to a change in the euro/dollar basis swap that is making issuance in the currency more attractive for euro funders. There was still a smattering of dollar trades this week, including a Sofr-linked floater that broke new ground for the format.
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L-Bank on Tuesday became the first SSA issuer to sell a Sofr-linked floating rate note with Reg S only documentation. The $500m no-grow deal had over $600m of orders, with $125m of those coming from the leads — which said any stock they were left with would be useful for providing paper to investors looking to test their Sofr systems in the coming weeks and months.
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L-Bank is set to bring the first ever Reg S only Sofr-linked bond on Tuesday. The German agency will be joined in the dollar SSA market by Japan Finance Organization for Municipalities, which has picked banks for its first benchmark of the calendar year.
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Greencoat Renewables, the Irish wind farms fund managed by Greencoat Capital, returned to the equity capital markets on Monday with a €105.5m fundraising following the release of its 2018 earnings.
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NatWest Markets has hired an SSA banker, GlobalCapital understands.
