RBC Capital Markets
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L-Bank and the Province of Manitoba kept the dollar SSA market busy on Tuesday, launching deals totalling $2.5bn. -
The dollar sovereign, supranational and agency primary market has kicked off the week with an L-Bank mandate, as bankers continue to see little more than sporadic European SSA issuance in the currency in the weeks ahead.
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French construction company Vinci took advantage of a lull in supply and favourable financing conditions to make its long-awaited dollar market debut.
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Eurofima, the supranational institution that finances European rolling stock, is planning to print another new benchmark sized deal towards the end of the year.
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Telecoms company Cable & Wireless returned to bond markets on Tuesday, less than a week after it tapped its senior unsecured 2027 bonds, with a new senior secured bond with a similar maturity.
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The Province of Quebec came “significantly” through fair value in its $1bn five year trade on Tuesday, as the issuer was able to take advantage of rarity in both its own name and SSA dollar issuance.
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Fiat Chrysler Automobiles has extended the maturity of its €6.25bn syndicated bank facility, as loan market activity picks up at the beginning of the second quarter.
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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.
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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.
