Four days back, the Royal Bank of Canada received the $1-billion in gross proceeds from the country’s first offering of Basel-111 compliant subordinated notes.
Known as non-viable contingent capital (or NVCC) the notes will pay a fixed rate of 3.04% for the first five years; after that the notes will pay a floating rate of interest — though the expectation is that the notes will be called by RBC after five years.
Paul Krugman: Correlation, Causality, and Casuistry: "One last thing: even if you take Dube’s forward-looking regression as a causal relationship, which you shouldn’t, notice how weak that relationship is in the relevant range. It looks as if raising debt from 50 to 150 percent of GDP, other things equal, reduces growth by around 0.1 percentage point over the next three years.
Payments to 4.2 Million Borrowers Covered by Foreclosure Agreement to Begin April 12 WASHINGTON — Payments to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency and the Federal Reserve Board w