Published on 10/1/2018 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Royal Bank of Canada prices $1.8 billion five-year notes in two parts
By Cristal Cody
Tupelo, Miss., Oct. 1 – Royal Bank of Canada priced $1.8 billion of medium-term senior notes (A2/A/AA) in two tranches on Monday, according to FWP filings with the Securities and Exchange Commission.
The bank sold $300 million of five-year floating-rate senior notes at par to yield Libor plus 66 basis points.
Royal Bank of Canada priced $1.5 billion of 3.7% five-year fixed-rate notes at 99.792 to yield 3.746% and a spread of 78 bps over Treasuries.
RBC Capital Markets, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC were the lead managers.
Royal Bank of Canada is a Toronto-based financial services company.
| Issuer: | Royal Bank of Canada
|
| Amount: | $1.8 billion
|
| Description: | Series H medium-term senior notes
|
| Bookrunners: | RBC Capital Markets, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC
|
| Co-managers: | ANZ Securities, Inc., BB&T Capital Markets, BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Comerica Securities, Inc., Commonwealth Bank of Australia, Desjardins Securities Inc., Fifth Third Securities, Inc., MUFG, nabSecurities, LLC, National Bank Financial Inc., Regions Securities LLC, Santander Investment Securities Inc., SMBC Nikko Securities America, Inc., Standard Chartered Bank, SunTrust Robinson Humphrey, Inc., Huntington Investment Co., U.S. Bancorp Investments, Inc., Westpac Capital Markets, LLC, Academy Securities, Inc., CastleOak Securities, LP, R. Seelaus & Co., Inc. and Samuel A. Ramirez & Co., Inc.
|
| Trade date: | Oct. 1
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: AA
|
| Distribution: | SEC registered
|
|
|
| Five-year floaters
|
| Amount: | $300 million
|
| Maturity: | Oct. 5, 2023
|
| Coupon: | Libor plus 66 bps
|
| Price: | Par
|
| Yield: | Libor plus 66 bps
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Oct. 5, 2023
|
| Coupon: | 3.7%
|
| Price: | 99.792
|
| Yield: | 3.746%
|
| Spread: | Treasuries plus 78 bps
|
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