RBC issues first bail-in debt bond [Toronto Globe and Mail (Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Toronto Globe and Mail
Royal Bank of Canada has set the bar for bail-in debt, issuing the first in a new class of bonds intended to keep taxpayers from having to bail out distressed banks in the event of a crisis. On Monday, RBC began selling $2-billion of five-year bonds, priced at 95 basis points above government bonds, maturing in 2023. The sale comes one day after new rules came into force, and creates an early benchmark for the premium other large banks can expect to pay as they begin to issue their own bail-in notes. The bail-in regime aims to keep Canada in step with a global shift as governments look to avoid having to dip into the public purse to prop up banks in times of crisis. In contrast to a bailout where the taxpayer foots the bill, a “bail-in” is meant to rescue a failing bank by making its creditors and shareholders bear some of the cost of recapitalizing it. Under Canada’s new rules, should regulators determine that a systemically important bank is no longer viable, some or all
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