RBC Capital Markets

The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.

Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.

RBC Capital Markets has hired James Agnew, a veteran UK corporate broking executive, to be chairman of corporate broking for its business in Europe.

The European Bank for Reconstruction and Development (EBRD) printed a $500m floating rate note on Wednesday, coming just ahead of the Japan Bank for International Cooperation (JBIC), which is preparing several tranches of dollar paper for Wednesday.

Public sector borrowers are staying conservative in the dollar market this week, opting for short dated trades or floating rate notes. The trend is likely down to issuers having one eye on expected Federal Reserve rate increases in the US, said bankers.

Asian Development Bank opened proceedings on two Kangaroo taps on Monday.

Volkswagen priced the third sterling corporate bond deal in as many days on Thursday, taking total supply over £3bn this week. Aggregate order books for the week are now approaching £10bn.

Banco Santander has launched its €7.07bn fully underwritten rights issue to support its acquisition of the failed Banco Popular Español, saying it expects to make a return on investment on the deal of 13% to 14% by 2020.

RBC Capital Markets has recruited two managing directors into its expanding European corporate finance operation.

Royal Bank of Canada has ramped up its business in Europe in readiness ready to take on its European rivals, writes David Rothnie.

Marla Dukharan, group economist for the Royal Bank of Canada’s Caribbean operations, is to leave the bank on June 30 after six years, GlobalCapital understands.

Bank Nederlandse Gemeenten has raised £150m with a tap of a March 2022 line, ahead of more supply in the currency next week, according to a BNG funding official.