RBC Capital Markets
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The UK’s Ithaca Energy has signed $700m of loans, five months after pulling out of a high yield bond deal. -
In less than 24 hours Royal Bank of Canada and Toronto Dominion have almost doubled the volume of Canadian dollar covered bonds issued this year. And with the cost of funding being cheaper than euro covered bonds and half senior unsecured, others may be tempted to follow.
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Irish boutique investment bank Rubicon Infrastructure Advisors has hired two bankers with over 40 years of experience to expand its business into the UK.
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Yankee banks continued to dominate the high-grade calendar as lenders from across the globe teed up benchmark deals.
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Asian Development Bank received large demand for its inaugural Sonia-linked floater on Tuesday, despite offering no new issue concession. The supranational saw a number of new accounts and was able to increase the size of the deal to set the largest volume it has sold in sterling to date.
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Asian Development Bank was aggressive with the pricing of its inaugural Sonia-linked floater on Tuesday by offering no new issue premium, according to SSA bankers. Nevertheless, the supranational was able to attract more than ample interest, allowing it to increase the size of the deal.
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Asian Development Bank is set to become the third supranational to issue a Sonia-linked floater, after mandating banks on Monday for a new five year.
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A shift in the euro/dollar basis swap means more euro funders could look at dollars, according to SSA bankers. Upcoming Asian holidays are likely to jumbo deals, but there could be room for smaller, cheaper names — with one of those issuers getting a rampant reception this week.
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When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. Nigel Owen reports.
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