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GC Asia
RBC keeps it tight after super-subs cash in
Royal Bank of Canada priced its first bond issue of the year as Yankee borrowers made the most of good funding conditions in the run-up to US bank earnings season.
With bank spreads still tightening, RBC came to the market on Wednesday and took home $3.25bn across four tranches, printing a $1.25bn five year at 42bp over US Treasuries, 1bp inside where rival TD Dominion, rated Aa3/A , landed a tenor of the same size a week previously.
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