RBC Capital Markets
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◆ EBRD priced off primary ◆ KfW achieves greenium? ◆ Tight pricing on both deals -
◆ First five year dollar from the issuer since 2021 ◆ L-Bank print provided building block ◆ Further dollar deals planned
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◆ Nimble move pays off ◆ Demand alive and strong after busy Jan ◆ £1.75bn book size 'no mean feat'
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◆ First euro covered since 2023 ◆ Double digit saving versus dollars ◆ Recent non-eurozone supply a better comp than Canadian curve
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Goldman Sachs took advantage of strong demand before passing the issuance baton to foreign banks and domestic borrowers
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◆ Pricing tightened 7bp ◆ Predecessor's curve used in bookbuilding ◆ 30 year bond grabs impressive book
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◆ Size on upper end of DMO's expectations ◆ Minimal new issue premium ◆ Gilt to be auctioned next month
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◆ Relative value versus covered bonds reduces senior paper's appeal ◆ RBC prices flat to USD curve ◆ Spread differential to other CAD issuers
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◆ Fair value tricky but British Columbia a marker ◆ NWB raises £250m ◆ 'Softer tone' in market
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Two day execution brings bank successful start
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◆ Issuer matches previous record ◆ Pricing level was 'never a question' ◆ Market shrugs off Gilt selling
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◆ Four deals priced at same tenor, with a fifth also in dollars ◆ Why IADB increased size ◆ Swap spread moves cause complications
