RBC Capital Markets
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◆ Size on upper end of DMO's expectations ◆ Minimal new issue premium ◆ Gilt to be auctioned next month -
◆ 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
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◆ Sterling SSA market active after slight yield widening ◆ Two day execution strategy helps impressive book ◆ Prices through peer
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◆ Issuer's second largest dollar deal ever ◆ Tight spread to US Treasuries ◆ 'Challenging' geopolitical backdrop
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◆ Deal size increased to £375m from £250m ◆ Danish issuer's second largest print in sterling ◆ 'Positive takeaway' from smaller agency deals
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◆ New investors drawn to RBC euro FRN ◆ NatWest gains from lots of liquidity ◆ Market is 'keen to rally' ahead of US election slowdown
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◆ Pricing below 100bp was debated ◆ Trade gained from sterling technicals ◆ Recent steepening means some issuers cautious about duration
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◆ 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
