RBC Capital Markets
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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. -
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.
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A member of RBC Capital Markets’ SSA team has left after nearly seven years at the bank, GlobalCapital understands.
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Sterling issuance may be slowing down after its record start to the year, but investor demand shows no signs of cooling — as KfW proved with a tap on Monday that was nearly double its original target size. Any “bank treasury friendly” borrowers should find healthy demand if they follow in the currency, said bankers.
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L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate, Sofr.
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The European Bank for Reconstruction and Development smashed its newly minted size record in sterling with its sophomore effort using the Sonia benchmark.
