Commentary & Deal Flow

Royal Bank of Canada (ticker: "RY") has mandated BBVA, Commerzbank, DZ Bank, ING, LBBW, Natixis, Nordea, RBC Capital Markets (B&D), Santander, Société Générale Corporate & Investment Banking and UniCredit as Joint Lead Managers for its upcoming EUR dual-tranche benchmark Reg S registered fixed-rate Covered Bond offering, with expected maturities of 5-years and 10-years. The transaction is expected to be rated Aaa/AAA/AAA (Moody's/Fitch/DBRS). The deal is expected to be launched as soon as Tuesday, 8 September, subject to market conditions.

The manufacturer target market (UK MIFIR/MIFID II product governance) of the above-mentioned new primary transaction is professional clients & eligible counterparties only (all distribution channels). No PRIIPS key information document (KID) and/or CCI Product Summary has been prepared as not available to retail in EEA or UK.