RBC takes $296m hit on underwritten syndicated loans

The latest markdowns were higher than at the outbreak of the pandemic

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.

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Choppy markets also reverberated through the portfolios’

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