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

Canada | July 09, 2020

Client: Royal Bank of Canada

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 the lead dealer for the offering, with a syndicate that included TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Merrill Lynch Canada Inc., Wells Fargo Securities Canada, Ltd., HSBC Securities (Canada) Inc., Industrial Alliance Securities Inc., Laurentian Bank Securities Inc. and Manulife Securities Incorporated.

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