Royal Bank of Canada this (Wednesday) morning announced the mandate for what will be the first fully SEC registered covered bond, with the deal expected shortly. Meanwhile, the euro market was quiet after a hectic two days.

RBC mandated Morgan Stanley, RBC Capital Markets and RBS as bookrunners for its dollar benchmark, with TD Securities as joint lead. Its announcement said that the deal will be launched in the near future subject to market conditions.

RBC filed its programme with the SEC in May and it was approved in late July. However, the Canadian bank was then approaching blackout before the release of results at the end of August, with the deal expected to be launched this month.

Previous US targeted dollar covered bond benchmarks have been launched in 144A format and the new SEC registered deal is expected to reach a much broader investor base, partly thanks to eligibility for major US indices.

After seven euro benchmarks on Monday and Tuesday amid a frenzy of broader bond issuance sparked by ECB president Mario Draghi’s announcement of OMTs, no new covered bond benchmarks were launched this morning. Many market participants were at the European Covered Bond Council plenary meeting in Munich today.

Erste Bank Group has announced a roadshow ahead of a possible “debt capital markets issuance”. Erste, Goldman Sachs, HSBC and UBS have been mandated to hold investor meetings in Europe and Asia starting next Tuesday.