RBC Sells Covered Bonds

Bloomberg, Steve Rothwell, 22 October 2007Royal Bank of Canada, the nation's largest bank, received 3.6 billion euros ($5.09 billion) of orders for its debut sale of covered bonds, according to a banker managing the sale.The 2 billion-euro issue, the first by a Canadian financial institution, is backed by domestic residential mortgages. Covered bonds differ from asset-backed securities in that