RBC Capital Markets

NRW.Bank made a big noise in a quiet dollar market this week as it printed the joint largest floating rate note from a European supranational or agency this year. Other issuers might be encouraged to follow with similar deals next week, said bankers, although a US Federal Reserve meeting on June 14 — where a target rate rise is widely expected — will bisect the window.

NRW.Bank doubled its initial size target with a two year floating rate note on Thursday, with the strength of demand partly due to investors looking for floating rate paper ahead of an expected target rate rise by the US Federal Reserve next week, according to one of the leads.

Michigan’s Superior Industries International met a hesitant European high yield bond market on Monday, as it began offering its debut bond to fund its acquisition of German peer Uniwheels.

Eurozone issuers crammed into the euro market on Wednesday ahead of a European Central Bank meeting.

Four public sector borrowers will launch euro bonds on Wednesday, having announced deals throughout the curve ahead of this week’s European Central Bank meeting.

Rating (expected): Aa1/AA-

The UK Debt Management Office (DMO) is keeping its options open on a planned syndication for September, as Gilt yields fell following polls showing the opposition Labour Party was gaining ground on the ruling Conservatives ahead of next week’s UK general election.

Caisse des Dépôts et Consignations (CDC) sold its largest ever sterling bond on Thursday, raising £300m with a three year deal.

The UK Debt Management Office is keeping its options open on a planned syndication for September, a deal some investors feel the sovereign should use to push its conventional curve out to 2072. Meanwhile, a French agency is bringing its first syndication in sterling for over two years.

Royal Bank of Canada’s capital markets division posted a 15% year on year profit boost in its quarterly earnings on Thursday.

A strong public sector dollar market welcomed one issuer's first $5bn sized deal this week. It was not even the only borrower to sell in size but with SSAs well-funded, there are few expectations of more large trades.

Oesterreichische Kontrollbank this week became the latest public sector borrower to return to the sterling market after a lengthy absence — and was rewarded with its largest ever issue in the currency at £350m.