RBC Capital Markets

Third quarter profits in Royal Bank of Canada’s capital markets business fell by 4% on Wednesday, a C$24m drop that the bank attributed to benign market conditions and low volatility.

Andrea Jelic, public sector DCM at HSBC, is set to move banks, GlobalCapital understands.

Canadian SEC-registered covered bond borrowers are expected to switch back to issuing under 144A/Reg S documentation after amendments to an existing regulation made SEC registration more onerous.

The dollar market got off to a busy start in August with US telecoms heavyweights Verizon and Comcast taking home a combined $5.5bn on the back of strong demand.

Gilt yields dropped on Thursday after the Bank of England’s Monetary Policy Committee voted 6-2 to hold the Bank Rate at 0.25% — a higher majority than the 5-3 in favour of holding at its last meeting in June. The more dovish result came after weeks of hawkish noises emanating from the central bank. Meanwhile, the Province of Alberta returned to the sterling market to tap its debut issue from earlier this year.

The summer MTN market has been dominated by niche currency issuance from supranationals.

Public sector issuers are taking advantage of strong summer conditions in the dollar market to bring green and arbitrage-style deals, with more issuance expected next week.

The Nordic Investment Bank launched a two year dollar global on Wednesday, providing what looks like the week’s final issuance. The leads opted to forego price guidance, choosing a level as the deal hit screens on Tuesday.

The dollar market is grinding on throughout the summer, with public sector borrowers pushing out deals at the short end, although none have been in benchmark size this week. Two issuers launched transactions on Tuesday with a third slated to follow on Wednesday.

The Province of Alberta has returned to the sterling market, following its debut in the currency in February.

Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany

AT&T racked up a monster order book on Thursday, as the US telecoms giant hit the market with a $22.5bn M&A financing.