Published on 4/24/2019 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Royal Bank of Canada prices $1.5 billion of three-year fixed-, floating-rate notes
By Cristal Cody
Tupelo, Miss., April 24 – Royal Bank of Canada priced $1.5 billion of medium-term senior notes (A2/A/AA) in two tranches on Wednesday, according to FWP filings with the Securities and Exchange Commission.
A $500 million tranche of three-year floating-rate notes priced at par to yield Libor plus 47 basis points.
Royal Bank of Canada sold $1 billion of 2.8% notes due April 29, 2022 at 99.957 to yield 2.815%, or a Treasuries plus 53 bps spread.
RBC Capital Markets, LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC were the bookrunners.
Royal Bank of Canada is a Toronto-based financial services company.
| Issuer: | Royal Bank of Canada
|
| Amount: | $1.5 billion
|
| Description: | Series H medium-term senior notes
|
| Bookrunners: | RBC Capital Markets, LLC, Credit Suisse Securities (USA) 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., Comerica Securities, Inc., Commonwealth Bank of Australia, DBS Bank Ltd., Desjardins Securities Inc., Fifth Third Securities, Inc., nabSecurities, LLC, National Bank of Canada 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. and R. Seelaus & Co., LLC
|
| Trade date: | April 24
|
| Settlement date: | April 29
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: AA
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Description: | Senior floating-rate notes
|
| Maturity: | April 29, 2022
|
| Coupon: | Libor plus 47 bps
|
| Price: | Par
|
| Yield: | Libor plus 47 bps
|
| Call feature: | None
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Description: | Senior fixed-rate notes
|
| Maturity: | April 29, 2022
|
| Coupon: | 2.8%
|
| Price: | 99.957
|
| Yield: | 2.815%
|
| Spread: | Treasuries plus 53 bps
|
| Call feature: | None
|
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