Royal Bank of Canada completed an offering of $1.25 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 4.829% per annum (paid semi-annually) until August 8, 2029. Thereafter, the notes will bear interest at a floating rate tied to CORRA plus 1.55% (paid quarterly) until August 8, 2034, the maturity date of the notes.

RBC Dominion Securities Inc. acted as the lead dealer for the offering, with a syndicate that included Scotia Capital Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., National Bank Financial Inc., TD Securities Inc., iA Private Wealth Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., Laurentian Bank Securities Inc., and Wells Fargo Securities Canada, Ltd.

Norton Rose Fulbright advised Royal Bank of Canada with a team that included Heidi Reinhart, KC, Sam Zadeh, Brayden Anstee, and Ashley Beaulieu.