RBC Capital Markets
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The Nordic Investment Bank was able to ratchet in pricing to the lowest five year spread for several years as it fed a dollar market starved of supply. -
RBC Capital Markets is rightly proud of a transformative mandate on Melrose's GKN acquisition, but its ambition shows no sign of waning as it shrugs off senior departures, writes David Rothnie.
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Graham Tufts has left his position as vice chairman of leveraged and acquisition finance at HSBC and is understood to be joining Royal Bank of Canada in a senior role.
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The Nordic Investment Bank is set to bring a dollar benchmark in the five year part of the curve, a tenor that has come back into fashion for public sector borrowers — including from the European Investment Bank on Tuesday. That is despite most secondary flows coming in shorter maturities, according to SSA bankers.
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Greencoat Renewables, the Irish wind farms fund managed by Greencoat Capital, has kicked off its first follow-on offering since its €270m flotation on the London Stock Exchange almost a year ago.
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A slew of deals hit screens in sterling this week, allowing SSA borrowers from three continents to pick up a combined £1.175bn ($1.55bn) in funding — including one borrower’s largest-ever deal in the currency.
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Municipality Finance grabbed the opportunity of being the only SSA dollar issuer this week to bring a very strong trade, paving the way for other borrowers to tap the currency.
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There was a smattering of sterling deals from public sector borrowers this week, as the biggest issuer in the currency — the UK Debt Management Office — provided details for its next syndication.
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Something strange is occurring in Switzerland, where the Swiss franc bond market is rife with both deep optimism and pessimism. Deal execution is riskier than it has been for years, but is being driven by bond buyers’ perceptions of better times ahead. Silas Brown asks whether the market is about to regain its mojo or if this is a case of jam tomorrow.
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The European Investment Bank threw itself into a new type of sterling deal with aplomb, making a splash with a £1bn floater referencing the Sonia benchmark, in what bankers believe may become the new standard for the market.
