On March 28, 2022, Royal Bank of Canada (RBC) announced the issuance of subordinated medium-term notes (MTNs) under its MTN program, with the offering closing on the same date. The notes, structured as non-viability contingent capital (NVCC), will convert into RBC common shares upon a regulatory trigger event.

The issuance was conducted through RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc., Manulife Securities Incorporated, Merrill Lynch Canada Inc., and Wells Fargo Securities Canada, Ltd.

Legal advisors included Norton Rose Fulbright Canada LLP for RBC and Stikeman Elliott LLP for the dealers. The net proceeds will be used for general banking purposes. The notes were not insured under the Canada Deposit Insurance Corporation (CDIC) Act and were offered exclusively outside the United States under Regulation S of the U.S. Securities Act. The specific terms, including pricing and total issuance amount, were detailed in separate pricing supplements.