RBC makes history with first SEC covered bond deal
Royal Bank of Canada has priced the first SEC registered covered bond, a $2.5bn deal that is likely to be the landmark US dollar trade of the year for the asset class. The long awaited issue was notable for the breadth of investor demand, its historically low coupon and exceptionally tight spread, writes Bill Thornhill.
"Were very pleased with the transaction," said David Power, vice president, funding and capital management at RBC in Toronto. "It exceeded our expectations in terms of the depth, size and shape of the book as well as the number of investors involved."
Nearly 200 investors bought into the deal,
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