RBC Capital Markets
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A new name for the SSA market hit screens on Monday, picking three banks to run a dollar five year transaction. The borrower will share the market with dollar trades from Dexia Crédit Local and Finland. -
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The sterling market is on fire for SSA borrowers. Attractive conditions and investors with cash to deploy have come together to produce some of the market’s most impressive deals of the year, with more in the pipeline.
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On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.
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Council of Europe Development Bank launched its largest ever sterling trade on Thursday, selling its first trade in the currency in over 18 months in what is proving an enormously supportive market.
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A mid-market shake-out is under way in UK corporate broking as global banks and smaller rivals jostle for supremacy, writes David Rothnie.
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The marketing of French oil company Total’s £250m seven year bond issue on Tuesday was the second attempt in recent months to reconfigure the way investors are sold bond deals. The first attempt by Vodafone, in July, struggled to gain support euro investors. However, the response to the Total deal suggests that approach could be replicated, at least in sterling. Nigel Owen reports.
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On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.
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Public sector borrowers are finding healthy seams of sterling funding in various tenors, as Council of Europe Development Bank lined up to follow a Wednesday trade by KfW — and there are rumours that more supranationals could consider deals in the currency. Attractive arbitrage levels and large redemptions are helping drive supply and demand respectively, said bankers.
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Tuesday’s £250m seven year bond issue from French oil company Total looked like a straightforward small benchmark sterling deal for a regular issuer. However, the marketing process for the deal marked a change from the normal approach and it is something investors are keen to see more of.
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Monday’s combination of heightened worries over North Korea and the Labor Day holiday in the US saw only one new issue in the European corporate bond market. However, with no new developments from the Korean peninsula overnight, five issuers decided to push ahead with trades on Tuesday.
