Business Context and Reporting Period
This Form 6-K filing by Royal Bank of Canada (RBC) and RBC Covered Bond Guarantor Limited Partnership covers the month of September 2013, with a filing date of September 16, 2013. The report relates to the registrants' U.S.$12,000,000,000 global covered bond programme under a shelf registration statement (File No. 333-181552).
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, or liquidity ratios. The document focuses exclusively on a specific financing arrangement.
- Credit Commitment Increase: The total credit commitment under the intercompany loan agreement was increased from $25 billion to $40 billion.
- Programme Size: The global covered bond programme has a total capacity of $12 billion.
Material Changes
Effective August 22, 2013, the registrants executed an amended and restated intercompany loan agreement (Exhibit 4.7). This agreement supersedes the previous version dated June 24, 2013. The material changes include:
- Increasing the total credit commitment from $25 billion to $40 billion.
- Structuring the full amount of the credit commitment to be available on a revolving basis.
- Facilitating the sale of additional loans by the Issuer (RBC) to the Guarantor LP.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, or outlook for future periods. It does not disclose specific risks or contingencies beyond the standard incorporation by reference to the registration statement. The document serves strictly to update the terms of the intercompany loan agreement supporting the covered bond programme.
Investor Verification Points
- Verify the terms of the amended and restated intercompany loan agreement dated August 22, 2013 (Exhibit 4.7).
- Confirm the utilization of the increased $40 billion credit commitment under the revolving facility.
- Review the status of the U.S.$12 billion global covered bond programme under File No. 333-181552.