Royal Bank of Canada completes C$1.25 billion subordinated debt offering

Our Toronto office advised Royal Bank of Canada on a C$1.25 billion offering of non-viability contingent capital (NVCC) subordinated notes through its Canadian medium term notes program.

The notes bear interest at a fixed rate of 4.829% per annum (paid semi-annually) until August 8, 2029. Thereafter, the notes will bear interest at a floating rate tied to CORRA plus 1.55% (paid quarterly) until August 8, 2034, the maturity date of the notes.

RBC Dominion Securities Inc. acted as the lead dealer for the offering, with a syndicate that included Scotia Capital Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., National Bank Financial Inc., TD Securities Inc., iA Private Wealth Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., Laurentian Bank Securities Inc., and Wells Fargo Securities Canada, Ltd.