RBC Capital Markets
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RBC Capital Markets is losing two members of its US private placements team in New York, one of which is a business veteran. -
KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own.
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The European Investment Bank (EIB) tapped a five year Mexican peso line on Monday, becoming the latest supranational to access the popular niche currency, in what is by far the strongest start to the year on record for supranational issuance in the currency.
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KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic.
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SSAs in the dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supranational changed that with a remarkable deal on Thursday.
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A trio of euro borrowers picked up a combined €8.5bn on Tuesday, seemingly without testing the limits of demand in the market.
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The Ontario Teachers’ Finance Trust (OTFT) on Tuesday outdid its dollar debut last year for size, as its second ever international trade clocked in at $2bn.
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A rare name will grace the dollar market on Tuesday, coming ahead the minutes of the Federal Open Markets Committee meeting, expected to be released on Wednesday.
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BMW sold one of the first two trades in the euro corporate bond market in 2018. It took until April to follow that with a five-tranche offering in the dollar market. It waited less than the week then to make its first visit to the sterling market, but found sterling investors in a similarly stubborn mood to that of euro investors.
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Nationwide Building Society issued its first sterling covered bond for two years on Thursday and showed that demand for the product was still strong as it picked up £1bn of five year funding.
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Sterling seemed to be the only game in town this week. Two SSA issuers printed in the currency on Wednesday, taking advantage of a favourable basis swap.
