Party over for covered issuers as RBC sheds orders
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Covered Bonds

Party over for covered issuers as RBC sheds orders

RBC right size

Royal Bank of Canada’s €1.25bn seven year issued on Wednesday dropped more orders than any covered bond has in years, ending up as one of the least subscribed deals of its size since 2011. The transaction starkly illustrated that the balance of power has shifted in favour of investors and offered a salutary lesson for ambitious issuers, writes Bill Thornhill.

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