Here are the top reads on deals and financial services over the last 24 hours,
Why RBC is becoming the New England Patriots of Bay Street: It’s time to acknowledge that when it comes to investment banking, RBC Capital Markets is playing in a different league than its Canadian rivals. The deal-making arm of Royal Bank of Canada churned out $8.4 billion in revenue last year, almost as much as its second- and third-ranked domestic competitors put together. In the same way it seems preordained that football’s New England Patriots will be Super Bowl favourites every year, it now appears certain that RBC Capital Markets will make far more money than any other Bay Street dealer. ROB Magazine (Andrew Willis, for subscribers)
RBC to issue first green bond as part of $100-billion sustainable-financing plan: RBC is issuing its first-ever green bond, a €500-million ($752-million) five-year debt offering that will primarily be used to fund renewable-energy projects and sustainable buildings. Story (Alexandra Posadzki, for subscribers)
DBRS downgrades Saputo’s credit rating over Dairy Crest acquisition: Canadian dairy giant Saputo Inc. has had its credit rating slashed after completing its $1.7-billion acquisition of Britain-based Dairy Crest Group plc. Credit-rating agency DBRS said it has downgraded both the company’s rating and that of Saputo’s senior unsecured notes to BBB (high) from A (low). Story (Alexandra Posadzki, for subscribers)
Coastal Contacts founder Roger Hardy back in eyewear business with Toronto acquisition: Vancouver entrepreneur and financier Roger Hardy is getting back into the online eyewear business, five years after selling his publicly traded Coastal Contacts Inc. for $430-million. Mr. Hardy’s investment firm Hardy Capital announced Wednesday that it has purchased privately held LD Vision Group, a 17-year-old Richmond, B.C.-based company that it described as North America’s second largest independent direct retailer in eye care, with sales of about $50-million last year. Story (Sean Silcoff, for subscribers)
National Bank chief says SNC-Lavalin deserves a deferred prosecution agreement: One of SNC-Lavalin Group Inc.’s principal lenders says the engineering firm has paid the price for wrongdoing committed by former employees and deserves a negotiated settlement to avoid a trial on criminal charges. Story (Nicolas van Praet and James Bradshaw, for subscribers)
National Bank looks abroad to meet renewable-energy lending targets: National Bank of Canada faces a stumbling block as it seeks to boost its investment in renewable energy: It can’t find enough projects in Canada to meet its lending targets. Story (James Bradshaw, for subscribers)
MORE FINANCIAL SERVICES NEWS
Replacing Mark Carney: Britain starts search for next ‘highest calibre’ Bank of England governor: Britain’s Finance Minister Philip Hammond began the search for a new governor of the Bank of England to help steer the world’s fifth-biggest economy, and its global financial centre, through the upheaval of Brexit. Story (Reuters, for subscribers)
Visa profit jumps 14 per cent on higher consumer spending: Visa Inc reported a 14.3 per cent jump in quarterly profit on Wednesday as a tightening labour market and growth in wages spurred consumer spending, leading to more people swiping their credit- and debit-cards using the company’s extensive network. Story (Reuters)
MORE DEALS NEWS
Occidental trumps Chevron with US$38-billion bid to buy Anadarko: Occidental Petroleum Corp on Wednesday started the first takeover battle for a major oil company in years, offering US$38 billion for Anadarko Petroleum Corp, a bid that topped a US$33 billion offer by Chevron Corp. Story (Reuters, for subscribers)
Ford Motor to put US$500-million into electric vehicle startup Rivian: Ford Motor Co said on Wednesday it will invest US$500 million in U.S. electric vehicle startup Rivian Automotive LLC, joining Amazon.com Inc in backing the potential rival to Silicon Valley’s Tesla Inc. Story (Reuters, for subscribers)
IN CASE YOU MISSED IT
The good advisers out there did this for their clients in early 2019: Last year was a test for investment advisers, and it’s only partly because the markets were generally garbage. The real challenge for advisers: Did they reach out to clients to discuss what the sharp decline in stocks meant to their financial plan? In the J.D. Power 2019 Canada Full Service Investor Satisfaction Study, overall levels of client satisfaction with their advisers declined slightly. Story (Rob Carrick, for subscribers)
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