New Issue: RBC sells $1.75 billion 2.3% five-year bonds to yield mid-swaps plus 93 bps

By Cristal Cody

Eureka Springs, Ark., March 14 – Royal Bank of Canada priced $1.75 billion of 2.3% five-year covered bonds (Aaa//AAA/DBRS: AAA) on Monday at 99.93 to yield 2.315%, according to an FWP filing with the Securities and Exchange Commission.

The series CB31 notes priced at mid-swaps plus 93 basis points.

RBC Capital Markets, LLC, Goldman Sachs & Co., HSBC Securities (USA) Inc. and TD Securities (USA) LLC were the bookrunners.

The bonds are unconditionally and irrevocably guaranteed by RBC Covered Bond Guarantor LP.

Royal Bank of Canada is a Toronto-based financial services company.

Issuer:	Royal Bank of Canada
Guarantor:	RBC Covered Bond Guarantor LP
Amount:	$1.75 billion
Maturity:	March 22, 2021
Securities:	Covered bonds
Bookrunners:	RBC Capital Markets, LLC, Goldman Sachs & Co., HSBC Securities (USA) Inc., TD Securities (USA) LLC
Co-managers:	ANZ Securities, Inc.; BB&T Capital Markets; DBS Bank Ltd.; Desjardins Securities Inc.; Fifth Third Securities Inc.; ING Financial Markets LLC; Lloyds Securities Inc.; nabSecurities, LLC; National Bank of Canada Financial Inc.; Natixis Securities Americas LLC; Santander Investment Securities Inc.; Standard Chartered Bank; SunTrust Robinson Humphrey, Inc.; U.S. Bancorp Investments, Inc.
Coupon:	2.3%
Price:	99.93
Yield:	2.315%
Spread:	Mid-swaps plus 93 bps
Call feature:	Par plus accrued and unpaid interest
Trade date:	March 14
Settlement date:	March 22
Ratings:	Moody’s: Aaa
	Fitch: AAA
	DBRS: AAA
Distribution:	SEC registered

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