Published on 4/15/2020 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Royal Bank of Canada sells $1.25 billion 1.6% three-year notes at 138 bps spread
By Cristal Cody
Tupelo, Miss., April 15 – Royal Bank of Canada priced $1.25 billion of 1.6% three-year senior global medium-term notes (A2/A/AA) at 99.936 to yield 1.622% and a spread of Treasuries plus 138 basis points on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were talked to price at the Treasuries plus 155 bps area.
RBC Capital Markets, LLC, Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC were the bookrunners.
The notes are bail-inable and subject to conversion into common shares of the bank or its affiliates.
Royal Bank of Canada is a Toronto-based financial services company.
| Issuer: | Royal Bank of Canada
|
| Amount: | $1.25 billion
|
| Maturity: | April 17, 2023
|
| Description: | Series H senior global medium-term bail-inable notes
|
| Bookrunners: | RBC Capital Markets, LLC, Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC
|
| Co-managers: | ANZ Securities, Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Comerica Securities, Inc., Commonwealth Bank of Australia, DBS Bank Ltd., Desjardins Securities Inc., Fifth Third Securities, Inc., Keybanc Capital Markets Inc., nabSecurities, LLC, National Bank of Canada Financial Inc., Regions Securities LLC, Santander Investment Securities Inc., SunTrust Robinson Humphrey, Inc., Huntington Investment Co., U.S. Bancorp Investments, Inc., Westpac Capital Markets, LLC, Academy Securities, Inc., Drexel Hamilton, LLC, Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
|
| Coupon: | 1.6%
|
| Price: | 99.936
|
| Yield: | 1.622%
|
| Spread: | Treasuries plus 138 bps
|
| Call feature: | None
|
| Pricing date: | April 15
|
| Settlement date: | April 17
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: AA
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 155 bps area
|
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