Published on 10/22/2020 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Royal Bank of Canada details $2.25 billion fixed-, floating-rate three-year notes
By Devika Patel
Knoxville, Tenn., Oct. 22 – Royal Bank of Canada offered further details about a $2.25 billion sale of three-year senior medium-term bail-inable notes (A2/A/AA) that priced in two tranches on Wednesday, according to a market source.
A $1 billion tranche of three-year floating-rate notes priced at SOFR plus 45 basis points. These notes priced at par.
Royal Bank of Canada sold $1.25 billion of 0.5% three-year fixed-rate notes at a spread of Treasuries plus 33 bps. These notes priced at 99.938 to yield 0.521%.
The fixed-rate notes were initially talked to price in the Treasuries plus 50 bps area.
RBC Capital Markets, LLC, Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC were the bookrunners.
Royal Bank of Canada is a Toronto-based financial services company.
Issuer: | Royal Bank of Canada
|
Amount: | $2.25 billion
|
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: | Rabo Securities USA Inc., Standard Chartered Bank, Truist Securities Inc., U.S. Bancorp Investments Inc., 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., Huntington Securities Inc., Keybanc Capital Markets Inc., nabSecurities LLC, National Bank of Canada Financial Inc., Regions Securities LLC, Santander Investment Securities Inc., SMBC Nikko Securities America Inc., Westpac Capital Markets LLC, Academy Securities Inc. and R. Seelaus & Co. LLC
|
Pricing date: | Oct. 21
|
Settlement date: | Oct. 26
|
Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: AA
|
Distribution: | SEC registered
|
|
Three-year floaters
|
Amount: | $1 billion
|
Maturity: | Oct. 26, 2023
|
Coupon: | SOFR plus 45 bps
|
Price: | Par
|
Yield: | SOFR plus 45 bps
|
Call feature: | None
|
|
Three-year notes
|
Amount: | $1.25 billion
|
Maturity: | Oct. 26, 2023
|
Coupon: | 0.5%
|
Price: | 99.938
|
Yield: | 0.521%
|
Spread: | Treasuries plus 33 bps
|
Call feature: | None
|
Price guidance: | Treasuries plus 50 bps area
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.