RBC: a warning for govvies

RBC Capital Markets made a sensible decision this week in doing what so many of its peers wish they could do by walking away from a number of costly primary dealerships. Although some SSA bankers will point to this and the demise of UBS’s SSA business as signs of the beginning of the end of the SSA universe as we know it, it is more likely that RBC’s decision will herald evolution rather than revolution.