By Andrea Heisinger
New York, Sept. 12 - The Royal Bank of Canada priced $2.5 billion of 1.2% five-year covered bonds (Aaa/AAA/) in the U.S. market on Wednesday to yield mid-swaps plus 35 basis points, a market source said.
The deal was priced in line with talk in the mid-30 bps over mid-swaps area.
The bonds were registered with the Securities and Exchange Commission, the source said, adding that this was a first for covered bonds.
Full terms were not available at press time.
Bookrunners were Morgan Stanley & Co. LLC, RBC Capital Markets LLC and RBS Securities Inc.
The financial services company is based in Toronto.
| Issuer: | Royal Bank of Canada
|
| Issue: | Covered bonds
|
| Amount: | $2.5 billion
|
| Maturity: | 2017
|
| Bookrunners: | Morgan Stanley & Co. LLC, RBC Capital Markets LLC, RBS Securities Inc.
|
| Coupon: | 1.2%
|
| Spread: | Mid-swaps plus 35 bps
|
| Trade date: | Sept. 12
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Price talk: | Mid-swaps plus mid-30 bps area
|
| Distribution: | SEC registered
|
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