Assiduous Readers will be well aware that there are many levels of bank debt, each with its own mix of risk and reward.
In the following article, I attempted to summarize the levels to provide a little perspective. Look for the research link!
Update, 2008-7-19: There is an error in Table 1. Innovative Tier 1 Capital should be shown with a subordination of 7.09% (the same as preferred shares) and a yield of 5.55%.
royal 5.65% coming out
Interesting . . . RBC re-appeared on the sell side on Friday, and again today big time . . . now we know why . . . but insider trading violations aside . . . 5.65% should have a stimulating effect on the market . . .
what happened to their “innovative tier 1” thing? . . . did they change their mind? These guys are maddening, but in the end, this very probably will be the first pref IPO that’s “good” for the market in a long time.
madequota
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