The Royal Bank of Canada sold its first euro benchmark covered bond since 2008, marking the re-opening of the European covered bond market for Canadian issuers.

RBC Capital Markets acted as joint lead manager on the €2 billion ($2.65 billion), 7-year covered bond by priced at 16 basis points over mid-swaps.

At €2 billion, the deal is also the joint largest covered bond from any issuer in Europe this year, according to a person familiar with the deal.

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