RBC issues tightest and largest Sonia deal ever

sterling demand
By Bill Thornhill
23 Jan 2020

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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.