Canadian Bond Group Says RBC Basel Sale Lacks Disclosure
This article is for subscribers only.
Some of Canada’s largest bond investors are asking regulators to examine a Royal Bank of Canada debt sale, saying not enough time was given to analyze the first deal in a market that may increase to C$25 billion.
Royal Bank provided investors with insufficient information on short notice before its July 11 sale of C$1 billion ($930 million) in subordinated notes that can convert to equity, the first in Canada to comply with new international banking rules, The Canadian Bond Investors Association said in a letter yesterday to provincial securities regulators. Toronto-based Royal Bank said it met all requirements.