RBC

CEO Scott Thomson has said that changes to the bank's operations may include "end-to-end digitization" as well as centralization of its international unit, rather than running it on a "country by country by country" basis.

The deal has a sequential repayment structure and collateral with 168 months of seasoning. The loans are already past their peak default periods, which each typically occur three to five years after a borrower enters repayment.

The deal will issue two series of notes, which benefit from a reserve account with approximately $1.4 million, representing about 2.0% of the initial bond balance.

Canada's largest bank last month said it plans to cut as much as 2% of its full-time equivalent staff in the coming quarter after a surge in expenses weighed on third-quarter results.

The Class A note coupon initially will be linked to the USD Compounded Secured Overnight Financing Rate Index, a relatively new interest rate index. Royal Bank of Canada is the seller, servicer and administrative agent.

Banks like RBC and JPMorgan Chase can now more easily draw real-time FactSet data feeds into applications.

The deal is the first credt card securitization by anyone in 2019 and features two-year floating-rate notes from RBC's master trust.

RBC Capital Markets hired Paul Sheldon, founder of the advisory firm S L Capital Strategies, as a managing director in the municipal finance student loan group.

The RBC master trust's latest issuance of card receivables-backed bonds will be issued in split U.S.-and Canadian- dollar denominations. Comenity, through its World Financial Network trust, will be adding to its 10 outstanding deals with a $394m private-label card ABS.