TORONTO, Dec. 3, 2012 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced the issuance of $2 billion of subordinated debentures ("the Notes") through its Canadian Medium Term Note Program.
The Notes bear interest at a fixed rate of 2.99 per cent per annum (paid semi-annually) until December 6, 2019, and at the three-month Banker's Acceptance Rate plus 1.10 per cent thereafter until their maturity on December 6, 2024 (paid quarterly). The issue is expected to close on December 6, 2012.
The bank may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions Canada, redeem the Notes on or after December 6, 2019, in whole at any time or in part from time to time, on not less than 30 days and not more than 60 days notice to the registered holders.
Proceeds of the issue will be added to the bank's general funds and will be utilized for general banking purposes.RBC Capital Markets acted as lead agent on the issue. SOURCE RBC
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV