RBC outdoes TD for spread on ‘astonishing’ green debut

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By Tyler Davies
24 Apr 2019

Royal Bank of Canada stunned market participants with its first public euro offering of bail-inable senior debt on Wednesday, pricing the deal inside equivalent trades from Toronto-Dominion Bank and Bank of Nova Scotia. The trade was RBC’s first ever green bond.

RBC hired BNP Paribas, Crédit Agricole, Danske Bank, ING, RBC Capital Markets and Société Générale as bookrunners for the five year senior deal, whose size was capped at €500m from the outset.

The syndicate group began the pricing in the 50bp area over ...

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