STERLING

摘要

Royal bank of Canada last week shook off the memory of June's difficult euro trade with a solid debut in the sterling covered bond market. Guidance for the three-year FRN issue came at three-month Libor plus 28bp area, where it was later fixed via HSBC, Lloyds and RBC. The bond offering printed in a £400m size but the final book size, thought to be over that level, was not officially disclosed. Orders had passed £250m at the first update. "It was cheap, but after the euro transaction - which was undersold - they wanted to be on defensive," said a banker away from the deal.