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News Releases

 

RBC Capital Markets further expands U.S. agency platform

NEW YORK, March 26, 2007 — RBC Capital Markets today announced the further expansion of its U.S. fixed income operations with the hiring of two senior people in its Agency business. Ryan Fennelly joins as RBC's senior bullet agency trader and Devin Dangler will spearhead derivatives sales coverage for the U.S. Agencies and Supranationals.

As part of RBC Capital Markets' efforts to better align its bond trading, mortgage trading and Government-Sponsored Enterprises (GSE) derivatives trading platforms, the firm also announced that Aaron Kennon has been appointed senior relationship manager for U.S. Agencies. Kennon will focus on Agency relationships and on developing synergies between these three areas. As well, Paul Klinger will relocate to New York from Memphis and continue in his role as the firm's U.S. Agency callable new issue trader.

Fennelly was most recently with Credit Suisse, where he was head Agency bullet trader. Prior to that, he was an Agency trader for Merrill Lynch. Dangler joins RBC Capital Markets after more than six years at HSBC, where he most recently co-led coverage for all derivative transactions for the Federal Home Loan Bank System.

"We have made extraordinary progress in our work with GSE's in the past couple of years, and these initiatives will help to solidify and expand those relationships," said Jonathan Hunter, Global Head of Fixed Income Products for RBC Capital Markets. "We are focused on continuing to expand our USD product offerings for our fixed income clients. This initiative is moving in tandem with our commitment to strengthening RBC's mortgage platform."

In December, RBC Capital Markets was approved as a registered Real Estate Mortgage Investment Conduit (REMIC) dealer by Fannie Mae, Freddie Mac and Ginnie Mae. This placed the firm among a select group of 20 dealers globally that are approved to provide this product. Subsequently, the firm last month settled its first REMIC transaction with Fannie Mae as the sole dealer on a $417 million deal. The REMIC designation allows RBC to create and issue its own conduits and take part in the Reference REMIC and Benchmark REMIC programs.

"We believe that our integrated Agency Trading, Derivatives and Mortgages strategies will provide more synergies and better value to our clients - both domestically and internationally," Hunter said.

About RBC Capital Markets Global Fixed Income
RBC Capital Markets is the corporate and investment banking arm of RBC. As the 14th largest debt underwriter globally, RBC Capital Markets' global fixed income business serves over 6,000 active investors and issuers through 50 offices in 10 countries. It is a leader in project and infrastructure finance, Sterling, and non-core dollar markets, with a growing presence in Euros and US dollars, and the leader in U.S. Negotiated Municipal bonds and Canadian dollars. Trading hubs in London, New York, Sydney, Tokyo, Chicago and Toronto provide 24-hour pricing. RBC is ranked #1 in both the Maple bond and Kangaroo bond markets. The firm has dedicated research teams for high-yield, emerging market and investment grade bonds in the U.S., Canada and Europe.

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For more information, please contact:
Kevin Foster, RBC Capital Markets, (212) 428-6902, kevin.foster@rbccm.com

 

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