RBC rips up Canadian script with royal green

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By Tyler Davies
25 Apr 2019

Royal Bank of Canada has wrought havoc with the traditional pecking order for Canadian financial institutions in the credit markets, beating a better-rated peer for spread amid a string of recent senior issuance out of the country in euros. Market participants took the stunning developments this week as clear proof for a long-standing belief: green funding is simply cheaper. Tyler Davies reports.

Canadian banks have been following one another one by one into the euro market over the last week, seizing on fantastic conditions to sell their very first bail-inable senior transactions in the common currency.

Toronto-Dominion Bank led the way with a €1.5bn five year that it sold at ...

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