The hire is an important step for RBC Capital Markets as they strive to strengthen their presence in the debt capital markets sector. With Mr Eikelands expertise, RBC will be able to offer clients access to a wide range of services, including funding solutions for corporate and government borrowing needs, structured debt products and securitised assets.
According to Bloomberg data, The hire comes as the Australian dollar-denominated bond market wraps up a busy January in terms of printed deals.
The Australian dollar-denominated bond market has been particularly active in January, with local banks raising more than $18 billion across local currency, euro, and US dollar bonds. The bulk of this transaction activity was driven by local banks looking to diversify their funding sources and raise funds for particular projects or investments.
Australias big banks continue raising local and foreign-denominated debt to repay their share of $200 billion of three-year loans they received from the Reserve Bank of Australias Term Funding Facility.
The increase in corporate bond issuance has also been buoyed by higher demand for securities backed by mortgages, infrastructure assets and renewable energy projects. This trend has seen an influx of investors entering the market from both domestic and overseas institutions looking for long-term yield opportunities.
Eikelands appointment is part of RBC Capital Markets efforts to strengthen its presence in global debt capital markets as demand for such services grows.
Analysts have noted that while Eikelands move will undoubtedly come as a blow to ANZ, it presents an exciting opportunity for RBC, which is seeking to strengthen its position in global debt capital markets by leveraging the expertise of experienced professionals such as Eikeland.