On April 26, 2024, Royal Bank of Canada (RBC) announced the issuance of Medium-Term Notes (MTN) as subordinated indebtedness under its 2024 MTN program, structured to meet Canadian regulatory standards as non-viability contingent capital (NVCC). RBC plans to use the proceeds to support general banking purposes and enhance liquidity. The issuance involved a consortium of dealers, including RBC Dominion Securities Inc., Scotia Capital Inc., Merrill Lynch Canada Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., iA Private Wealth Inc., Manulife Securities Incorporated, and Wells Fargo Securities Canada, Ltd.

Legal counsel included Norton Rose Fulbright Canada LLP advising RBC and Stikeman Elliott LLP representing the dealers. This MTN issuance aligns with RBC’s capital structure strategy, providing a secure investment vehicle for institutional investors and bolstering RBC’s capacity for operational resilience and regulatory compliance.