Toronto advised Royal Bank of Canada on C$1.5bn subordinated debenture offering

August 23, 2019

Client: Royal Bank of Canada

Our Toronto office advised Royal Bank of Canada on a C$1.5bn offering of non-viability contingent capital subordinated debentures (the notes) through its Canadian Medium Term Note Program.

The notes bear interest at a fixed rate of 2.74 percent per annum (paid semi-annually) until July 25, 2024, after which the notes will bear interest at a floating rate (paid quarterly) until July 25, 2029 at three-month CDOR plus 0.98%.

RBC Dominion Securities Inc. acted as the lead dealer for the offering, with a syndicate that included CIBC World Markets Inc., TD Securities Inc., Merrill Lynch Canada Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital 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, with assistance provided by Sam Zadeh, Jenny Ng and Monica Wong (securities) and Adrienne Oliver and Carl Deeprose (tax).