RBC U.S. Dollar Covered Bond Issue - Investor Data

Royal Bank of Canada (RBC) has now released a "Transaction Review" of its April 7 U.S. dollar-denominated covered bond issue for publication by Covered Bond Investor™.  (Public release of such reports is often delayed for a period after the bond issuance for reasons related to U.S. securities laws.)

A pie chart in the Transaction Review shows that while the lion's share (78%) of the $1.5 billion issue went to U.S. investors, 13% went to Europe and 9% to Asia.  By contrast, of the non-U.S. investor locations for the $2 billion U.S. dollar-denominated covered bond issued Feb. 4 by Canadian Imperial Bank of Commerce (CIBC), 8% went to Asia, 2% to Canada, 3% to "Other" — and only 3% to Europe.

Comparing the RBC pie chart for "Investor Type" (above) with a comparable chart from the CIBC USD transaction also shows some percentage differences.

To download a PDF of "RBC USD Covered Bond Transaction Review" (bearing the logo of Barclays Capital), click on "RBC USC CB Review" under "Attachment," below.