Royal Bank of Canada completes $500 million offering of non-viability contingent capital preferred shares, the first Basel III compliant issue in Canada

January 30, 2014

Client: Royal Bank of Canada

RBC $500M offering of NVCC Preferred Shares – First Basel III NVCC Issue in Canada

On January 30, 2014, Royal Bank of Canada announced it had closed its domestic public offering of 20 million non-viable contingent capital Non-Cumulative 5 Year Rate Reset Preferred Shares, Series AZ at a price of $25 per share to raise gross proceeds of $500 million, the first Basel III compliant issue in Canada.

The offering was underwritten by a syndicate led by RBC Capital Markets. The Preferred Shares Series AZ were issued under a prospectus supplement dated January 23, 2014 to the bank's short form base shelf prospectus dated December 20, 2013.

Royal Bank of Canada was represented in-house by Erin Dion, Senior Legal Counsel and Javier Gonzalez, Counsel and by Norton Rose Fulbright Canada LLP, with a team comprised of Dawn Whittaker, Evelyn Li, Heidi Reinhart and Stacey Frankel (securities/corporate) and Adrienne Oliver and Glenn Hines (tax).