Royal Bank of Canada issues subordinated debentures
TORONTO, October 22, 2010 Royal Bank
(RY on TSX and NYSE) today announced the issuance of $1.5
billion of subordinated debentures ("the Notes")
through its Canadian Medium Term Note Program.
The Notes bear interest at a fixed rate of 3.18 per cent
per annum (paid semi-annually) until November 2, 2015, and
at the three-month Banker's Acceptance Rate plus 1.21 per
cent thereafter until their maturity on November 2, 2020 (paid
quarterly). The issue is expected to close on November 1,
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 November 2, 2015, 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
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For further information, please contact:
Gillian McArdle, Toronto, (416) 974-5506 or
Bill Anderson, Investor Relations, Toronto,
(416) 955-7804, firstname.lastname@example.org