By Aleesia Forni
Virginia Beach, Sept. 23 – Royal Bank of Canada sold C$1 billion of 3.45% subordinated debentures due Sept. 29, 2026, according to a company news release.
The notes were sold under the company’s Canadian medium-term note program.
RBC Capital Markets was the lead manager.
The notes bear interest at a fixed rate until Sept. 29, 2021 and then at the three-month Bankers Acceptance rate plus 112 bps through maturity.
The notes are callable on or after Sept. 29, 2021 at par.
Proceeds from the deal will be used for general business purposes.
RBC is a Toronto-based financial services company.
| Issuer: | Royal Bank of Canada
|
| Amount: | C$1 billion
|
| Maturity: | Sept. 29, 2026
|
| Securities: | Subordinated debentures
|
| Bookrunner: | RBC Capital Markets
|
| Coupon: | 3.45%; resets Sept. 29, 2021 at three-month Bankers Acceptance rate plus 112 bps
|
| Call feature: | On or after Sept. 29, 2021 at par
|
| Pricing date: | Sept. 22
|
| Settlement date: | Sept. 29
|
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