RBC takes $296m hit on underwritten syndicated loans

Lorenzo Migliorato
25 Aug 2022

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Quality indicators for underwritten loans are flashing red at Royal Bank of Canada (RBC), with the bank cutting their value amid a riskier market environment.

The bank – a major player in the global leveraged loans market – marked down underwritten loans, mostly in the US, by C$385 million ($296 million) in the three months to end-July, driving most of the quarter’s 44% drop in corporate and investment banking revenue.

Choppy markets also reverberated through the portfolios’

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