RBC Capital Markets
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◆ Dollar basis working for euro issuers in five year ◆ Maturity working for issuers in 2025 ◆ Deals come a day before Trump tariff announcement -
Canadian banks cross the border and UOB makes rare return to the US before tariffs imposition
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◆ First euro deal from Candian province hits 'perfect storm' ◆ BNG and AFD print 15 years ◆ All tighten by at least 3bp
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◆ A 'double digit' saving for issuer ◆ Investors 'want defensive, short assets' ◆ More reverse Yankee issuance debated
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◆ New five year bigger than planned ◆ New dollar book record for sovereign ◆ Rare but regular issuer, 'a pleasure' of a deal
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◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance
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Appointment follows strong year in ECM
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◆ Prices tight to US Treasuries ◆ Swap spreads move during bookbuilding ◆ It would 'not have been good' to be in euros
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◆ 'Cheeky' issuers reference low coupon Gilts ◆ RBC prints £300m senior deal off £375m final book ◆ Speculation 'less sophisticated investors' not aware of Gilt anomaly
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Citi, HSBC, Morgan Stanley and RBC will pay fines, Deutsche gained immunity
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◆ EBRD priced off primary ◆ KfW achieves greenium? ◆ Tight pricing on both deals
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◆ First five year dollar from the issuer since 2021 ◆ L-Bank print provided building block ◆ Further dollar deals planned
