Date Closed

November 5, 2021

Lead Office

Toronto

Value

750.00 Million CAD

On November 5, 2021 Royal Bank of Canada ("RBC") completed a C$750 million public offering of Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series BT ("Preferred Shares, Series BT"). The Preferred Shares, Series BT were issued to certain institutional investors at a price of $1,000 per share. The Preferred Shares, Series BT were offered by way of a prospectus supplement to the bank's short form base shelf prospectus dated February 27, 2020, filed on November 2, 2021 with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada. The Preferred Shares, Series BT yield 4.20 per cent annually, payable semi-annually, as and when declared by the Board of Directors of RBC, for the initial period ending February 24, 2027. Thereafter, the dividend rate will reset every five years at a rate equal to 2.71 per cent over the 5-year Government of Canada bond yield. Subject to regulatory approval, the bank may redeem the Preferred Shares, Series BT in whole or in part at par, during the period from January 24 to and including February 24, commencing January 24, 2027 and every five years thereafter, on not less than 15 days and not more than 60 days' notice.

McCarthy Tétrault advised a syndicate of agents led by RBC Capital Markets with a team led by Andrew Parker and Jo-Anna Brimmer that included Barry Ryan, Matthew Vaughan and Samantha Pettinato (Business) and Gabrielle Richards and Kabir Jamal (Tax).