Royal Bank of Canada issues C$1.0bn in subordinated debentures
Canada | February 02, 2022
Client: Royal Bank of Canada
Our Toronto office advised Royal Bank of Canada on a C$1.0bn 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 2.94 per cent per annum (paid semi-annually) until May 3, 2027. Thereafter, the notes will bear interest at a floating rate at three-month CDOR plus 0.76% (paid quarterly) until May 3, 2032, the maturity date of the notes.
RBC Dominion Securities Inc. acted as the lead dealer for the offering, with a syndicate that included Scotia Capital Inc., Merrill Lynch Canada Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., iA Private Wealth Inc. (formerly known as Industrial Alliance Securities Inc.), Manulife Securities Incorporated, Wells Fargo Securities Canada, Ltd., and HSBC Securities (Canada) Inc.
The notes bear interest at a fixed rate of 2.94 per cent per annum (paid semi-annually) until May 3, 2027. Thereafter, the notes will bear interest at a floating rate at three-month CDOR plus 0.76% (paid quarterly) until May 3, 2032, the maturity date of the notes.
RBC Dominion Securities Inc. acted as the lead dealer for the offering, with a syndicate that included Scotia Capital Inc., Merrill Lynch Canada Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., iA Private Wealth Inc. (formerly known as Industrial Alliance Securities Inc.), Manulife Securities Incorporated, Wells Fargo Securities Canada, Ltd., and HSBC Securities (Canada) Inc.