By Taylor Fox
New York, Jan. 21 – Royal Bank of Canada sold C$1 billion of 1.67% non-viability contingent capital subordinated debentures through its Canadian medium-term note program, according to a news release.
Interest will be payable semiannually until Jan. 28, 2028 and at the three-month Canadian Dollar Offered Rate plus 55 basis points thereafter until maturity on Jan. 28, 2033.
The notes may be redeemed at par on or after Jan. 28, 2028, in whole at any time or in part from time to time, on not less than 30 days’ and not more than 60 days' notice to registered holders.
Proceeds from the transaction will be used for general business purposes.
RBC Capital Markets is the lead agent.
Royal Bank of Canada is a Toronto-based financial services company.
| Issuer: | Royal Bank of Canada
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| Amount: | C$1 billion
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| Maturity: | Jan. 28, 2033
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| Description: | Non-viability contingent capital subordinated debentures
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| Lead agent: | RBC Capital Markets
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| Coupon: | 1.67%; resets Jan. 28, 2028 to CDOR plus 55 bps
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| Call feature: | On or after Jan. 28, 2028 at par
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| Pricing date: | Jan. 21
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| Settlement date: | Jan. 28
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| Distribution: | Canada, Regulation S
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