Toronto advises Royal Bank of Canada on C$1.25bn subordinated debenture offering

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

The notes bear interest at a fixed rate of 2.088 percent per annum (paid semi-annually) until June 30, 2025. Thereafter, the notes will bear interest at a floating rate at three-month CDOR plus 1.31 percent (paid quarterly) until June 30, 2030, the maturity date of the notes.

RBC Dominion Securities Inc. acted as sole bookrunner for the offering, which involved a syndicate of dealers.

The team was led by Heidi Reinhart and included Sam Zadeh, Adrienne Oliver and Carl Deeprose.