RBC Capital Markets
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Analysts at the research house CreditSights expect that Canadian banks could soon start issuing more senior bonds for their total loss-absorbing capacity requirements (TLAC), having held back from the market after taking care of their funding needs with older forms of senior debt. -
Theresa May may not have brought any further clarity to the UK’s Brexit agreement, but that is not causing any issues for investors and issuers in the sterling corporate bond market. On Tuesday, two more deals were priced: one from a UK issuer, one from a European.
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The UK Debt Management Office showed no effects from the ‘noisy UK environment’ to comfortably conclude its 2018/19 syndicated programme on Tuesday. KfW will add to the sterling SSA supply this week after picking banks for its third benchmark in the currency this year.
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Greencoat UK Wind, the UK infrastructure fund focused on wind farm development, has begun the deal roadshow for its latest £131m capital increase.
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Conditions for public sector dollar issuers held firm this week after an excellent start to the year, although deals were thinner on the ground thanks to a US Federal Open Market Committee meeting. Chinese New Year holidays next week will give the sector a much needed breather — after which three-years might move more into vogue than fives, said SSA bankers.
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The European Investment Bank showed there was ample appetite for sterling SSA paper on Wednesday, despite Tuesday’s vote in the UK Parliament that left more uncertainty over the eventual outcome of Brexit.
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Kommunalbanken took advantage of being the sole SSA issuer in dollars on Tuesday as it was more than twice subscribed and tightened pricing on its first dollar benchmark of the year. Concerns over volatility from this week’s US Federal Open Market Committee meeting and non-farm payrolls kept some other issuers on the sidelines, said SSA bankers — although two are braving Wednesday’s market.
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The UK Debt Management Office has appointed a four bank syndicate to run the final syndication of its 2018/19 financial year.
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