RBC prices first high coupon Sonia deal

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RBC prices first high coupon Sonia deal

Tyler Davies
July 29, 2020 12:00 PM
RBC_PA_575x375_290720
Logo of The Royal Bank of Canada, a Canadian multinational financial services company and the largest bank in Canada by market capitalization, seen in Edmonton's downtown. On Sunday, July 22, 2018, in Edmonton, Alberta, Canada. (Photo by Artur Widak/NurPhoto) | NurPhoto/NurPhoto/PA Images

Royal Bank of Canada (RBC) has become the first issuer to guard against negative rates in the sterling market by structuring a Sonia-linked senior deal with an artificially high coupon.

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Senior DebtCanadaAmericasNorth AmericaFIG
TD
Tyler Davies
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