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RBC Plans to Sell $1.75 Billion of Three-Year Covered Bonds

Royal Bank of Canada, the nation’s largest lender by assets, is planning to sell $1.75 billion of three-year, dollar-denominated covered bonds as soon as today.

The notes, expected to be rated Aaa by Moody’s Investors Service, may yield 35 basis points more than the mid-swap rate, according to a person with knowledge of the transaction.

RBC’s $2.5 billion of covered bonds due September 2017 traded yesterday at 98 cents on the dollar to yield 1.7 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

Credit Suisse Group AG, Morgan Stanley, and Toronto-based RBC are managing the offering, said the person, who asked not to be identified because terms aren’t set.

Covered bonds, a form of secured financing pioneered in 18th-century Prussia, are backed by assets such as mortgages or loans and guaranteed by the issuer, letting banks fund more cheaply than with traditional debt and providing investors with top-rated securities.

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