RBC Capital Markets
-
American IT services firm DXC Technology made its second visit to the European corporate bond markets on Wednesday and found a good reception from investors for its debut euro issuance. -
The World Bank cleared $4bn in the dollar market on Thursday but with spreads very tight, SSA bankers are warning that there is still little margin for error in the currency.
-
Fédération des Caisses Desjardins du Quebec (CCDJ) was able to take €1bn of funding out of the euro market on Thursday. Meanwhile, Royal Bank of Canada is expected to bring the first senior bond under Canada’s next bail-in regime next week.
-
Dollar investors gave public sector issuers something to think about on Wednesday, as a pair of SRI bonds had very different receptions. One aggressively priced deal struggled to reach full subscription while another offering some concession grew by a half. World Bank is up next in the currency, though in conventional format, and bankers believe the trade will indicate the market’s direction.
-
The European Investment Bank’s latest dollar benchmark chalked up one of the highest BondMarker scores of the year so far in the currency.
-
-
The African Development Bank and Bank Nederlandse Gemeenten kept the positive momentum going in the dollar SSA market this week with blowout five year benchmark trades on Thursday.
-
French electrical utility Engie found success with a benchmark dual tranche issue of corporate bonds on its third visit to the euro bond market in 2018. The company opted for no-grows with both tranches, which served to increase demand markedly compared with its previous deal.
-
Lloyds Bank attracted stellar demand for the first Sonia-linked trade from a FIG borrower. The covered bond format was swiftly followed by a senior unsecured deal from Royal Bank of Canada. Bill Thornhill reports.
-
-
Daimler raised £500m when it reopened the sterling corporate bond market two weeks ago following the summer break — and nothing more was seen in the currency until this week, when two deals raised a combined £1.1bn.
-
The European Investment Bank printed flat to, if not through, its dollar curve on Wednesday, drawing a more than doubly subscribed book and immediately moving tighter in secondaries. That should bode well for other borrowers looking at the currency in the coming weeks, said SSA bankers.
