RBC Capital Markets

◆ Issuer's second largest dollar deal ever ◆ Tight spread to US Treasuries ◆ 'Challenging' geopolitical backdrop

◆ Deal size increased to £375m from £250m ◆ Danish issuer's second largest print in sterling ◆ 'Positive takeaway' from smaller agency deals

◆ New investors drawn to RBC euro FRN ◆ NatWest gains from lots of liquidity ◆ Market is 'keen to rally' ahead of US election slowdown

◆ Pricing below 100bp was debated ◆ Trade gained from sterling technicals ◆ Recent steepening means some issuers cautious about duration

◆ Deal thought to be KfW's dollar benchmark finale for year ◆ Tight Treasury pricing beats World Bank's 6.9bp record spread ◆ Issuer has no need for a big benchmark

Two more major US banks issue bonds but three do not despite spreads at post-GFC tights

◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest

◆ RBC leads European banks to funding in the US ◆ Once JP Morgan starts the third quarter bank earnings season local FIG bond wave could materialise ◆ This could keep market busy until US election

Bumper September brings post 2020 peak

◆ Three year deal 'obviously the blowout' trade of the day ◆ Biggest order book in dollars ◆ Pricing through fair value but still attractive relative value

◆ Pricing through fair value ◆ Big size for 'darling' Canadian issuer ◆ Attractive pricing over tier one SSA names

Tech firm to repay part of WMWare financing after biding its time