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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
RY
Royal Bank of Canada (RBC)€3,000
2USOA
Sep 8, 2026
currency
EUR
size (m)
2,250.000
maturity
Sep 15, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Covered Bond
moody's
Aaa
s&p
-
fitch
AAA
size description
-
re-open/tap
No
ipt
-
ipt-pxd
-6
guidance
MS+28 area
spread
22
coupon
3.375%
spread set
-
price
99.49000
yield
3.488%
book size (m)
2,500
peak book (m)
2,700
x-covered
1.11
book attrition
-7.41%
nic
-1
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,500
peak book (m)
2,700
x-covered
1.11
book attrition
-7.41%
nic
-1
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
750.000
maturity
Sep 15, 2036
type
Fixed
tenor
10.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Covered Bond
moody's
Aaa
s&p
-
fitch
AAA
size description
-
re-open/tap
No
ipt
-
ipt-pxd
-4
guidance
MS+44 area
spread
40
coupon
3.750%
spread set
-
price
99.63100
yield
3.795%
book size (m)
1,100
peak book (m)
1,200
x-covered
1.47
book attrition
-8.33%
nic
1
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,100
peak book (m)
1,200
x-covered
1.47
book attrition
-8.33%
nic
1
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2500; Registration: Reg S Only; Comments: OBL 2.5% 04/16/31 + 39.6bps (97.48). LEI: ES7IP3U3RHIGC71XBU11; Book size: 1100; Registration: Reg S Only; Comments: DBR 3% 08/15/36 + 43.4bps (96.98). LEI: ES7IP3U3RHIGC71XBU11;
Deal Comments
Combined books in excess of >€3bn (incl. €275m JLMs), slight skew to 5yr
Guarantor(s)
RBC Covered Bond Guarantor LP
Relative Value

Covered
5yr (Sep 2031) @ MS+28a
Implied Spread for fresh 5yr @ MS+23
Priced at MS+22
NIC of -1

Covered
10yr (Sep 2036) @ MS+44a
Implied Spread for fresh 10yr @ MS+39
Priced at MS+40
NIC of +1


COMPS

Ticker

Coupon

Maturity

Size €m

Ratings

Mid I+

Issue Issue

RY

2.625

Jun 29

1,250

Aaa/-/AAA

10

Mar 26

RY

2.75

Feb 30

1,500

Aaa/-/AAA

15

Jan 21

RY

3

Mar 33

1,000

Aaa/-/AAA

28

Mar 26

RECENT 5Y EUR BMARK COVERED COMPS

WSTP

3.119

Jan 31

1,000

Aaa/-/AAA

24

Apr 26

BMO

2.75

Jan 31

1,500

Aaa/-/AAA

22

Jan 26

SANTAN

2.625

Feb 31

1,500

Aaa/-/AAA

18

Feb 26

DZHYP

3.125

Aug 31

1,000

Aaa/AAA/-

11

Apr 26

EIKBOL

2.75

May 32

500

Aaa/-/-

19

May 25

RECENT 10Y EUR BMARK COVERED COMPS

SANTAN

3

Feb 36

1,000

Aaa/-/AAA

30

Feb 26

NWIDE

3.25

Mar 36

750

-/AAA/AAA

40

Mar 26

DZHYP

3.25

May 36

1,000

Aaa/AAA/-

24

Jun 26

NDAFH

3.25

Jun 36

500

Aaa/-/-

28

Jun 26

WSTP

3.477

Jun 36

600

Aaa/-/AAA

38

Jun 26

EIKBOL

3.625

Sep 36

500

Aaa/-/-

31

Sep 26