Royal Bank of Canada
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First new covered bond since the end of February ◆ Deal shows investor preference for short-dated paper – RBC ◆ Issuer benefits from minimal exposure to Middle East, says banker -
Strong demand and tight spreads has propelled volumes past January records
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◆ RBC prices debut euro dual trancher ◆ Minimal attrition despite 'ridiculously tight' spread ◆ KBC finds demand for senior non-preferred
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◆ RBC makes fourth visit to euro senior market in 2025 ◆ Fast money sensitive to tightening ◆ Bail-in value vs other jurisdictions evaluated
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◆ A 'double digit' saving for issuer ◆ Investors 'want defensive, short assets' ◆ More reverse Yankee issuance debated
