Economic Backdrop and Financial Performance Objectives
Well-diversified wholesale funding platform
Well-diversified across products, currencies, investor segments and geographic regions
■ Raise majority of funding in international markets, preserving significant domestic capacity which can be more readily tapped in stressed
market conditions
Regular issuance in all major markets to promote investor engagement and secondary market liquidity
Canada
Canadian Shelf
(C$25BN)
Securitizations
(Canadian mortgage bonds, NHA MBS(1)
and credit cards)
U.S.
SEC Registered Shelf
(US$75BN)
☐
Europe and Asia
European Debt Issuance Program
(US$75BN)
Covered Bond Program
(EUR 75BN)
Japanese Issuance Programs
(JPY 1 trillion)
Well Diversified by Product (2)
Sub Debt 5%
CMB
6%
Covered
Bond
24%
Golden
Credit
Cards 3%
Unsecured
62%
(1) National Housing Act Mortgage Backed Securities. (2) As at January 31, 2024.
56 | APPENDIX
Diversified by Geography (2)
Canada
Europe and 24%
Other
29%
U.S.
47%
Recent Deals
USD $1.75 Billion 3 year unsecured at
UST+77bps/SOFR+95bps
■ USD $1 Billion 5 year unsecured at UST+100bps
/ SOFR+126bps
USD $1.25 Billion 10 year unsecured at
UST+115bps / SOFR+151bps
■ CAD $2 Billion 3 year Covered Bond at
GOC+76bps / SOFR+76bps
USD $2 Billion 3 year Covered Bond at
UST+53bps / SOFR+78bps
RBCView entire presentation