RBC Capital Markets
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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. -
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.
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Investors piled into a €300m bond issue for Brussels Airport on Wednesday, leaving syndicate bankers brimming with frustration that more issuers had not exploited this week's strong market.
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The European Bank for Reconstruction and Development on Tuesday equalled its largest ever size in dollars on Tuesday with a deal priced flat to or through its curve. The Asian Development Bank is set to follow in a market in which issuers are winning demand from investors starved of supply, said bankers.
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The lawsuits over alleged manipulation of the SSA market have spread further, with more dealers and individuals named in a court filing. Citi, HSBC, RBC and TD Bank have now been added, as well as Bank of America, Crédit Agricole, Credit Suisse, Deutsche Bank and Nomura. The suit also draws in the new issue market, alleging that the traders were able to front-run new issues yet to be announced or in book-building.
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The euro high yield market closed the week before the Easter break in strong form, with bonds from Burger King France and Colfax, the US gas company.
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Petra Diamonds cut through a rough period for South Africa to print a $650m five year bond this week — but the deal is not evidence that the market is open to all borrowers from the country as Petra outshines the rest, said bankers.
