RBC Capital Markets’ Canadian fixed income franchise is built on breadth. It makes markets across the full domestic curve: Government of Canada bonds, where it is a primary market maker, plus provincials, municipals, Canada Mortgage Bonds, and interest rate swaps and options. It also sits among the leading underwriters for federal, provincial and corporate issuance. That combination of trading depth, placement power and balance sheet made RBC the bank Canadian issuers and investors relied on in 2025.
RBC’s global rates platform is what turned that domestic strength into results abroad during the review period. In 2025, it led all six euro-denominated deals by Canadian provinces, bringing those issuers to a new investor base. Early in the year, RBC became the first and only Canadian dealer to join SPIRE, the multi-dealer repackaging vehicle. For Canadian corporates, it ran Bell Canada’s CAD1.13 billion ($793 million) tender offer in March. For municipal clients, it executed long-dated hedges.
RBC Capital Markets combines Canada’s broadest domestic market making with a global distribution and rates network that no domestic rival can match
RBC also invested in North America more broadly. It added people and resources to its front-end US Treasury business, lifting volumes 175% year-on-year, with gross turnover above CAD550 billion in 2025. Its Focus40 programme concentrates coverage on 40 institutional accounts chosen for wallet size and complexity, and it delivered the fixed income business’s strongest performance of the year.
RBC’s technology helped clients through volatility. When Liberation Day tariff announcements sent rates markets into turmoil in April 2025, dealer request-for-quote pricing widened sharply. Clients turned to RBC’s agency rates algorithms, which aggregate liquidity across BrokerTec, Fenics and other central limit order books, so they could work orders patiently without revealing their hand to principal desks.
In structured rates, an AI parser reads client requests in Bloomberg chat, extracts the trade parameters and feeds them straight into the desk’s pricing engine. Traders no longer have to rekey volatility packages by hand.
Strong controls support all of this. Superdash, RBC’s proprietary supervisory platform, brings alerts, attestations, P&L signoffs, conduct dashboards and escalation workflows into a single interface. It applies global standards calibrated to local regulators, including the Canadian Investment Regulatory Organization.
RBC Capital Markets combines Canada’s broadest domestic market making with a global distribution and rates network that no domestic rival can match.
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