Published on 4/24/2018 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Royal Bank of Canada prices $3 billion of notes in two tranches
By Cristal Cody
Tupelo, Miss., April 24 – Royal Bank of Canada priced $3 billion of three-year senior medium-term fixed- and floating-rate notes (A1/AA-/AA) in two parts on Tuesday, according to FWP filings with the Securities and Exchange Commission.
Royal Bank of Canada priced $1.5 billion of three-year floating-rate notes at par to yield Libor plus 39 basis points.
The bank sold $1.5 billion of 3.2% notes due April 30, 2021 at 99.929 to yield 3.225%, or a spread of Treasuries plus 60 bps.
RBC Capital Markets, LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC were the bookrunners.
The financial services company is based in Toronto.
| Issuer: | Royal Bank of Canada
|
| Amount: | $3 billion
|
| Description: | Series G senior medium-term fixed- and floating-rate notes
|
| Bookrunners: | RBC Capital Markets, LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC
|
| Co-managers: | ANZ Securities, Inc., BB&T Capital Markets, BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Commonwealth Bank of Australia, DBS Bank Ltd., Fifth Third Securities, Inc., Imperial Capital, LLC, MUFG, nabSecurities, LLC, Regions Securities LLC, Santander Investment Securities Inc., Standard Chartered Bank, SunTrust Robinson Humphry, Inc., Huntington Investment Co., U.S. Bancorp Investments Inc. and Westpac Capital Markets, LLC
|
| Call feature: | None
|
| Trade date: | April 24
|
| Settlement date: | April 30
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Fitch: AA
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $1.5 billion
|
| Maturity: | April 30, 2021
|
| Coupon: | Libor plus 39 bps
|
| Price: | Par
|
| Yield: | Libor plus 39 bps
|
|
|
| Three-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | April 30, 2021
|
| Coupon: | 3.2%
|
| Price: | 99.929
|
| Yield: | 3.225%
|
| Spread: | Treasuries plus 60 bps
|
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