Royal Bank of Canada plans to sell covered bonds denominated in the Australian dollar, issuing three-year notes, says Gerard Perrignon of RBC Capital Markets. The offering will be the first such sale this year. "RBC views the Aussie-dollar market as an important source of diversity away from its core funding markets in North America," Perrignon said. "This opportunity has arisen as a result of economics in the Australian-dollar market being comparable to the economics in core North American markets."

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