Mr. Asim Imran reports

ROYAL BANK OF CANADA ANNOUNCES NVCC SUBORDINATED DEBENTURE ISSUE

Royal Bank of Canada has arranged an offering of $1.75-billion of non-viability contingent capital (NVCC) subordinated debentures through its Canadian medium-term note program.

The notes bear interest at a fixed rate of 4.14 per cent per annum (paid semi-annually) until May 5, 2031, and at daily compounded CORRA (Canadian overnight repo rate average) plus 1.23 per cent thereafter until their maturity on May 5, 2036 (paid quarterly). The expected closing date is April 29, 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 May 5, 2031, at par, in whole at any time or in part from time to time, on not less than 30 days and not more than 60 days of notice to registered holders.

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