RBC Capital Markets
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Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves. -
Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves.
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Public sector borrowers are rushing back into dollars after a quiet few weeks for the currency, with a trio of issuers taking indications of interest for Wednesday business.
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The UK Debt Management Office has picked the lead managers for the first syndication of its 2017-18 financial year, which it has scheduled for the week beginning May 15.
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Three public sector borrowers hit screens in sterling this week, including a rare floating rate note from the Province of Ontario, which made use of the currency for the first time in six years.
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The Province of Ontario came to market for a rare sterling floater on Wednesday, sharing the UK currency market with a European Investment Bank deal.
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Nestlé made its second visit of 2017 to the Eurodollar bond market on Tuesday, issuing a $300m five year that it managed to price 19bp tighter than a similar deal in January.
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French building services outsourcer Atalian printed a €625m seven year bond on Wednesday, bringing total high yield issuance for the week to over €2.6bn.
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GlobalCapital understands that RBC Capital Markets has reached into the European FIG talent pool and plucked out an HSBC syndicate banker to join its origination efforts.
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The Province of Manitoba rounded off a week of record breaking deals with a dollar trade that matched its largest ever benchmark in the currency and helped it diversify away from its North American investor base.
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The Asian Development Bank on Wednesday hit the $4bn mark for the first time with a dollar benchmark, taking advantage of a dearth of supply and offering a bit of juice to harvest a hefty amount of cash.
