By Wendy Van Sickle
Columbus, Ohio, June 1 – Royal Bank of Canada priced C$1 billion of 3.65% non-viability contingent capital additional tier 1 limited recourse capital notes, series 3, due Nov. 24, 2081, according to a news release.
The notes will bear interest at a fixed rate of 3.65% until Nov. 24, 2026, after which the interest rate will reset every five years at a rate equal to the prevailing five-year Government of Canada yield plus 266.5 basis points.
RBC Capital Markets is acting as lead agent.
The bank may redeem the notes starting in 2026 and every five years thereafter.
Proceeds may be used for general corporate purposes.
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: | Nov. 24, 2081
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| Description: | Non-viability contingent capital additional tier 1 limited recourse capital notes
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| Bookrunner: | RBC Capital Markets
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| Coupon: | 3.65% until Nov. 24, 2026, then resets every five years at five-year Government of Canada yield plus 266.5 bps
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| Call feature: | Callable every five years
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| Pricing date: | June 1
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| Settlement date: | June 8
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