RBC cuts covered bond cost of funding with sterling

Royal Bank of Canada not only found good demand in a larger than average size for its five year sterling covered bond on Friday, but also executed the trade at considerable cost advantage compared with dollars and euros.

  • By Bill Thornhill
  • 04 Dec 2017

The Canadian bank returned to the sterling market for the second time this year to issue a £650m five year floating rate note at 23bp over three month Libor with demand of £840m.

The deal was initially marketed at 27bp area before being refined to 23bp-25bp. It was ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Suisse 6,183.04 31 5.57%
2 Natixis 6,110.85 25 5.50%
3 UniCredit 5,952.50 34 5.36%
4 HSBC 5,429.80 30 4.89%
5 Deutsche Bank 5,347.15 24 4.81%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 34,822.02 112 6.75%
2 Goldman Sachs 32,510.73 196 6.31%
3 Citi 30,990.71 158 6.01%
4 JPMorgan 30,135.11 120 5.84%
5 Morgan Stanley 25,337.99 133 4.91%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 30,558.66 92 12.04%
2 JPMorgan 25,489.36 82 10.04%
3 Goldman Sachs 25,357.87 168 9.99%
4 Citi 24,298.88 121 9.57%
5 Morgan Stanley 20,022.47 102 7.89%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,582.45 20 8.97%
2 Deutsche Bank 4,163.44 13 6.69%
3 UniCredit 3,902.49 16 6.27%
4 LBBW 3,521.48 15 5.66%
5 SG Corporate & Investment Banking 3,368.88 14 5.42%

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 HSBC 4,313.33 7 13.03%
2 UBS 3,374.07 13 10.19%
3 BNP Paribas 2,596.35 10 7.84%
4 Credit Agricole CIB 2,377.58 5 7.18%
5 SG Corporate & Investment Banking 2,055.39 8 6.21%