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.

  • 14 Sep 2012

"We’re 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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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,047.01 40 5.97%
2 UniCredit 7,570.25 62 5.00%
3 Commerzbank Group 6,961.50 44 4.60%
4 BNP Paribas 6,833.59 30 4.51%
5 LBBW 6,650.23 37 4.39%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 86,402.71 348 7.39%
2 Bank of America Merrill Lynch 76,648.22 289 6.56%
3 Citi 74,063.12 448 6.33%
4 Goldman Sachs 71,639.28 392 6.13%
5 JPMorgan 69,536.04 335 5.95%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 63,244.76 346 10.46%
2 Bank of America Merrill Lynch 62,666.77 244 10.36%
3 Morgan Stanley 62,567.41 249 10.35%
4 JPMorgan 57,709.83 258 9.54%
5 Goldman Sachs 54,069.13 322 8.94%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 5,349.05 21 7.30%
2 LBBW 5,191.72 18 7.08%
3 BNP Paribas 4,566.36 14 6.23%
4 Credit Agricole CIB 4,553.92 17 6.21%
5 Commerzbank Group 4,242.73 17 5.79%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 8,682.34 22 13.77%
2 HSBC 8,067.77 29 12.79%
3 BNP Paribas 4,343.93 23 6.89%
4 Credit Suisse 4,219.22 21 6.69%
5 Citi 3,992.43 32 6.33%