Royal Bank of Canada completes C$2bn subordinated debt offering
Canada | April 24, 2024
Client: Royal Bank of Canada
Our Toronto office advised Royal Bank of Canada on a C$2bn 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 5.096% per annum (paid semi-annually) until April 3, 2029. Thereafter, the notes will bear interest at a floating rate tied to CORRA plus 1.56% (paid quarterly) until April 3, 2034, the maturity date of the notes.
RBC Dominion Securities Inc. acted as the lead dealer for the offering, with a syndicate that included BMO Nesbitt Burns Inc., TD Securities Inc., Merrill Lynch Canada Inc., Desjardins Securities Inc., National Bank Financial Inc., CIBC World Markets Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc., Manulife Wealth Inc. (formerly known as Manulife Securities Incorporated), Scotia Capital Inc., and Wells Fargo Securities Canada, Ltd.
The notes bear interest at a fixed rate of 5.096% per annum (paid semi-annually) until April 3, 2029. Thereafter, the notes will bear interest at a floating rate tied to CORRA plus 1.56% (paid quarterly) until April 3, 2034, the maturity date of the notes.
RBC Dominion Securities Inc. acted as the lead dealer for the offering, with a syndicate that included BMO Nesbitt Burns Inc., TD Securities Inc., Merrill Lynch Canada Inc., Desjardins Securities Inc., National Bank Financial Inc., CIBC World Markets Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc., Manulife Wealth Inc. (formerly known as Manulife Securities Incorporated), Scotia Capital Inc., and Wells Fargo Securities Canada, Ltd.