Royal Bank of Canada completes C$1.5 billion subordinated debt offering
Canada | January 29, 2025
Client: Royal Bank of Canada
Our Toronto office advised Royal Bank of Canada on a C$1.5 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 4.279% per annum (paid semi-annually) until February 4, 2030. Thereafter, the notes will bear interest at a floating rate tied to CORRA plus 1.45% (paid quarterly) until February 4, 2035, the maturity date of the notes.
RBC Dominion Securities Inc. acted as the lead dealer for the offering, with a syndicate that included TD Securities Inc., Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., iA Private Wealth Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., Laurentian Bank Securities Inc., and Wells Fargo Securities Canada, Ltd.
The notes bear interest at a fixed rate of 4.279% per annum (paid semi-annually) until February 4, 2030. Thereafter, the notes will bear interest at a floating rate tied to CORRA plus 1.45% (paid quarterly) until February 4, 2035, the maturity date of the notes.
RBC Dominion Securities Inc. acted as the lead dealer for the offering, with a syndicate that included TD Securities Inc., Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., iA Private Wealth Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., Laurentian Bank Securities Inc., and Wells Fargo Securities Canada, Ltd.