Toronto advises Royal Bank of Canada on C$1.75bn subordinated debenture offering

Canada | October 21, 2021

Client: Royal Bank of Canada

Our Toronto office advised Royal Bank of Canada on the now completed C$1.75bn 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 2.14 per cent per annum (paid semi-annually) until November 3, 2026. Thereafter, the notes will bear interest at a floating rate at three-month CDOR plus 0.61 per cent (paid quarterly) until November 3, 2031, 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.