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News Releases

 

Royal Bank of Canada issues subordinated debentures

TORONTO, October 22, 2010 —  Royal Bank of Canada
(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, 2010.

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

- 30 -

For further information, please contact:

Media contact:
Gillian McArdle, Toronto, (416) 974-5506 or
toll-free 1-888-880-2173,
gillian.mcardle@rbc.com

Investor contact:
Bill Anderson, Investor Relations, Toronto,
(416) 955-7804, william.anderson@rbc.com

 

 



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10/22/2010 20:30:57