RBC Capital Markets
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UK bank trio stands out in heavy Yankee onslaught either side of Fed meeting -
Former KfW funding official to join Canadian bank as it grows euro bond business
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Concentrated pre-Fed funding drives July FIG issuance in the US to over $50bn
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◆ RBC makes fourth visit to euro senior market in 2025 ◆ Fast money sensitive to tightening ◆ Bail-in value vs other jurisdictions evaluated
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◆ Large deal kickstarts FY 2025-26’s linker programme ◆ Shorter maturity caters to investor demand ◆ ‘Consistent, business-as-usual approach’ celebrated by markets
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◆ Euro deal is Canadian bank’s third after US and Canadian dollar prints ◆ Short-end floating rate debt remains popular among investors and issuers ◆ RBC prints flat to its home market
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◆ ADB, KBN, OeKB price bonds ◆ Spreads to Treasuries in the spotlight ◆ Big books for all
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◆ CDC raises £500m for first time ever ◆ KfW sets spread from the outset ◆ Two day execution helps distribution
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◆ Each issuer prints larger deal than usual ◆ NWB comes after BNG five year ◆ Quebec gets huge book
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◆ QTC aims to build curve in euros ◆ Monitoring dollars too ◆ Canadian comps used
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◆ QTC inaugural deal could 'open doors' ◆ Bank treasuries supporting 0% RW names ◆ NWB opts for sterling alongside CAF
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◆ NIB, IADB, CEB price bonds ◆ Busy week drains liquidity from market ◆ Treasury spreads at 'historic' tights
