The Royal Bank of Canada (RBC) has successfully closed a C$1.5 billion offering of non-viability contingent capital subordinated notes. The transaction, completed on October 1, 2026, was conducted through RBC's Canadian medium-term notes program.
The notes carry a fixed interest rate of 4.67% per annum, paid semi-annually, until October 1, 2031. After that date, the interest rate will switch to a floating rate based on CORRA plus 1.16%, paid quarterly, with the notes maturing on October 1, 2036.
RBC Dominion Securities Inc. led the offering, with a dealer syndicate that included major financial institutions such as BMO Nesbitt Burns Inc., Desjardins Securities Inc., and CIBC World Markets Inc. The dealers were represented by Stikeman Elliott LLP.
RBC was represented internally by Paul Burd, Hoori Chitilian, and Sam MacDougall, along with legal counsel from Norton Rose Fulbright.