We recently advised Royal Bank of Canada on its filing of a registration statement with the United States Securities and Exchange Commission for the first public offer of covered bonds in the United States. This filing was made in reliance on a no action letter2 issued by the SEC staff that addresses the conditions under which the covered bonds could be registered with the SEC.

The covered bonds to be registered will be issued under the Bank’s existing Global Covered Bond Programme, utilizing the same cover pool that supports the covered bonds previously issued by the Bank. The Bank may continue to issue covered bonds outside the United States under the Programme pursuant to a prospectus listed with the UKLA.