RBC issues tightest and largest Sonia deal ever
Royal Bank of Canada’s £1.25bn five year covered bond issued at 47bp over Sonia on Thursday was the tightest and largest transaction to reference the rate ever issued by a bank from outside the UK. The depth of demand illustrated that the bid for Sonia products has grown.
The £1.25bn five year floating rate covered bond attracted demand of £2.1bn at reoffer and was priced 5bp inside initial guidance at 47bp over Sonia with no new issue concession, through joint leads HSBC, RBC Capital Markets, Scotiabank and Standard Chartered.The closest comparable was ...
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