Our London and Toronto offices advised Royal Bank of Canada on the issuance of ¥26 billion fixed rate reset subordinated notes (non-viability contingent capital) (subordinated indebtedness) through Royal Bank of Canada’s European Programme for the Issuance of Securities.

The notes bear interest at a fixed rate of 1.963% per annum (paid semi-annually) up to (but excluding) the reset date of July 17, 2030, after which, if not called, the notes will bear interest at a rate determined in accordance with the terms of the notes (paid semi-annually) until July 17, 2035, the maturity date of the notes.

Nomura International PLC and RBC Capital Markets acted as the lead managers for the issuance.

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