Business Context and Reporting Period
This Form 6-K filing is submitted by Royal Bank of Canada and RBC Covered Bond Guarantor Limited Partnership for the month of June 2016. The report concerns the U.S.$15,000,000,000 global covered bond programme (the "Program") under a shelf registration statement on Form F-3.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document is a procedural update regarding the Program's governance rather than a financial performance report.
Material Changes
- Asset Monitor Appointment: Deloitte LLP resigned as Asset Monitor effective May 31, 2016.
- New Appointment: PricewaterhouseCoopers LLP (PwC) was appointed as the new Asset Monitor on substantially the same terms and conditions.
- Documentation Update: Exhibit 4.4 (Asset Monitor Agreement) was amended and restated as of May 31, 2016, to reflect this change.
Outlook, Risks, and Management Commentary
The filing notes that PwC was appointed as the Bank's external auditor for fiscal 2016, which coincided with the change in the Asset Monitor role. No specific guidance, risk factors, or unusual items regarding the covered bond programme's performance are disclosed in this text.
Investor Verification Checklist
- Verify the effective date of the Asset Monitor transition (May 31, 2016).
- Confirm the terms of the amended and restated Asset Monitor Agreement (Exhibit 4.4) to ensure continuity with prior terms.
- Review the full Form F-3 (File No. 333-203567) for comprehensive details on the $15 billion covered bond programme.