RBC Capital Markets
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◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance -
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
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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
