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Royal Bank of Canada Raises $1 Billion of Three-Year Securities

Royal Bank of Canada, the nation’s largest lender, raised $1 billion in its first sale of benchmark dollar-denominated three-year notes in more than seven months.

The lender, which said this week it agreed to buy Ally Financial Inc.’s Canadian auto-finance and deposit business, sold the 0.8 percent securities to yield 37.5 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg.

RBC last sold benchmark dollar three-year notes in March, issuing $1.25 billion of 1.15 percent debentures to yield 75 basis points more than the benchmark, Bloomberg data show. The bonds traded at 101.3 cents on the dollar to yield 0.61 percent on Oct. 23, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

The new bonds may be rated Aa3 by Moody’s Investors Service, according to a person familiar with the transaction, who asked not to be identified citing lack of authorization to speak publicly.

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