Published on 2/28/2017 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Royal Bank of Canada prices $2.1 billion three-year fixed- and floating-rate notes
By Cristal Cody
Tupelo, Miss., Feb. 28 – Royal Bank of Canada priced $2.1 billion of three-year series G senior medium-term fixed- and floating-rate notes (Aa3/AA-/AA) in two parts on Tuesday, according to FWP filings with the Securities and Exchange Commission.
Royal Bank of Canada priced $600 million of three-year floating-rate notes at par to yield Libor plus 38 basis points.
The bank sold $1.5 billion of 2.125% notes due March 2, 2020 at 99.928 to yield 2.15%, or a spread of Treasuries plus 67 bps.
RBC Capital Markets, LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC were the bookrunners.
Royal Bank of Canada is a Toronto-based financial services company.
| Issuer: | Royal Bank of Canada
|
| Amount: | $2.1 billion
|
| Description: | Senior medium-term fixed- and floating-rate notes
|
| Bookrunners: | RBC Capital Markets, LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC
|
| Co-managers: | Commonwealth Bank of Australia, ANZ Securities, Inc., BB&T Capital Markets, BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Desjardins Securities Inc., Fifth Third Securities, Inc., Imperial Capital, LLC, MUFG, nabSecurities, LLC, National Bank of Canada Financial Inc., SMBC Nikko Securities America, Inc., Standard Chartered Bank and SunTrust Robinson Humphrey, Inc.
|
| Call feature: | None
|
| Trade date: | Feb. 28
|
| Settlement date: | March 6
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Fitch: AA
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $600 million
|
| Maturity: | March 2, 2020
|
| Coupon: | Libor plus 38 bps
|
| Price: | Par
|
| Yield: | Libor plus 38 bps
|
|
|
| Three-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | March 2, 2020
|
| Coupon: | 2.125%
|
| Price: | 99.928
|
| Yield: | 2.15%
|
| Spread: | Treasuries plus 67 bps
|
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