RBC beefs up TLAC buffer with sterling senior

By David Freitas
22 Oct 2019

Royal Bank of Canada was able to raise £400m of senior funding as though it was on 'autopilot' in the sterling market this week. It is the third Canadian issuer in a month to seek funding in this currency counting as total loss-absorbing capacity (TLAC).

RBC launched a five year senior unsecured bond at a spread of 100bp over Gilts.

Bookrunners Barclays, HSBC, Lloyds, NatWest Markets and RBC were able to tighten the pricing from initial price thoughts of 110bp area over Gilts.

The leads said the trade had benefitted ...

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