Mr. Asim Imran reports

ROYAL BANK OF CANADA ANNOUNCES NVCC SUBORDINATED DEBENTURE ISSUE

Royal Bank of Canada has arranged an offering of $1.5-billion 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 4.67 per cent per annum (paid semi-annually) until Oct. 1, 2031, and at daily compounded CORRA plus 1.16 per cent thereafter until their maturity on Oct. 1, 2036 (paid quarterly). The expected closing date is Oct. 1, 2026. RBC Capital Markets is acting as lead agent on the issue.

The bank may, at its option and with the prior approval of the Office of the Superintendent of Financial Institutions, redeem the notes on or after Oct. 1, 2031, at par, in whole at any time or in part from time to time, on not fewer than 30 days and not more than 60 days notice to registered holders.

Net proceeds from this transaction will be used for general business purposes.