RBC is bookrunner for C$1bn non-viability contingent capital subordinated debentures offering
Canada | February 03, 2021
Client: Royal Bank of Canada
Our Toronto office advised Royal Bank of Canada on a C$1bn 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 1.67 per cent per annum (paid semi-annually) until January 28, 2028. Thereafter, the notes will bear interest at a floating rate at three-month CDOR plus 0.55 per cent (paid quarterly) until January 28, 2033, the maturity date of the notes.
RBC Dominion Securities Inc. acted as sole bookrunner for the offering, which involved a syndicate of dealers.
The notes bear interest at a fixed rate of 1.67 per cent per annum (paid semi-annually) until January 28, 2028. Thereafter, the notes will bear interest at a floating rate at three-month CDOR plus 0.55 per cent (paid quarterly) until January 28, 2033, the maturity date of the notes.
RBC Dominion Securities Inc. acted as sole bookrunner for the offering, which involved a syndicate of dealers.