New Issue: Royal Bank of Canada sells $1.7 billion 3.35% bonds due 2021 at 25 bps over mid-swaps

By Cristal Cody

Tupelo, Miss., Oct. 15 – Royal Bank of Canada (Aa2/AA-/AA) priced $1.7 billion of 3.35% covered bonds due Jan. 22, 2021 on Monday at a spread of mid-swaps plus 25 basis points, or Treasuries plus 42.9 bps, according to a market source.

The bonds were initially talked to price in the mid-swaps plus 27 bps area.

RBC Capital Markets, LLC, HSBC Securities (USA) Inc., TD Securities (USA) LLC and UBS Securities LLC were the bookrunners.

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

Issuer:	Royal Bank of Canada
Amount:	$1.7 billion
Maturity:	Jan. 22, 2021
Description:	Covered bonds
Bookrunners:	RBC Capital Markets, LLC, HSBC Securities (USA) Inc., TD Securities (USA) LLC and UBS Securities LLC
Coupon:	3.35%
Spread:	Mid-swaps plus 25 bps, or Treasuries plus 42.9 bps
Ratings:	Moody’s: Aa2
	S&P: AA-
	Fitch: AA
Pricing date:	Oct. 15
Distribution:	Rule 144A, Regulation S
Price talk:	Mid-swaps plus 27 bps area

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