Back To Preferred
Preferred Share Description
Royal Bank of Canada (RY.PR.I) ** Shares to be redeemed**
5.00% Non-Cumulative, Redeemable, Rate Reset, 1st preferred shares, Series AJ
Prospectus - September 9, 2008
Redemption Notice: October 23, 2018 - Royal Bank of Canada today announced its intention to redeem all of its issued and outstanding Non-Cumulative First Preferred Shares Series AD on November 24, 2018, for cash at a redemption price of $25.00 per share to be paid on November 26, 2018.Royal Bank of Canada also announced its intention to redeem all of its issued and outstanding Non-Cumulative Floating Rate First Preferred Shares Series AK and Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AJ and AL on February 24, 2019, for cash at a redemption price of $25.00 per share to be paid on February 25, 2019.
DBRS Credit Rating: June 26, 2018 - DBRS confirmed the ratings of Royal Bank of Canada and its related entities, including RBC’s Long-Term Issuer Rating at AA and Short-Term Issuer Rating at R-1 (high). Additionally, the trends on all long-term ratings have been changed to Positive while the short-term ratings at the Bank remain Stable.
RBC’s ratings reflect its leading Canadian banking and global wealth management franchise as well as its strong capital markets platform. In Canada, RBC ranks number one or two in most aspects of personal and business banking and wealth management. Additionally, RBC has steadily increased its global footprint, most notably in wealth management and capital markets. This expansion was accelerated by the 2016 acquisition of Los Angeles-based City National Bank, which has been the platform for strong growth in U.S. private and commercial banking and wealth management. The ratings also consider the longevity of the current credit cycle and the potential for a housing downturn in Canada, as well as the potential for increased volatility in its large capital markets business.
The Positive trends reflect the strong momentum RBC has exhibited building its diversified franchise that has delivered consistent earnings growth, while maintaining a sound risk profile. DBRS believes these traits distinguish the Bank from its Canadian as well as many global peers. Overall, DBRS views RBC as one of the top banks globally.
- DBRS Rating
- Pfd-2 (high) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.25 per share per year
- Dividend Dates
- On the 24th day of February, May, August and November
- Dividend Details
- The dividend rate will be reset on February 24, 2014 and on February 24th every five years thereafter. The annual dividend rate will be reset to equal the sum of the Government of Canada Yield (GCAN5YR) plus 1.93%.
- Redeemable at the issuer's option on February 24, 2014 and on February 24th every five years thereafter at $25.00.
- Convertible at the holder's option into Series AK Floating Rate preferred shares on February 24, 2014 and on February 24th every fifth year thereafter. The Floating Rate preferred will calculate and pay a quarterly dividend equal to the sum of the Government of Canada 3-month T-Bill plus 1.93%. In addition, holders of the Series AK Floating Rate shares will have the right to convert their shares into an equal number of the Series AJ preferred shares on February 24, 2019 and on February 24th every five years thereafter.
- Lead Underwriter(s)
- RBC Dominion Securities, CIBC World Markets, BMO Nesbitt Burns
- Transfer Agent
- Computershare Trust Company of Canada
- Computershare Trust Company of Canada
- Dividend Reinvestment Plan
- Registered holders of the preferred shares are eligible to participate in the Dividend Reinvestment Plan for the purchase of common shares. Preferred share dividends can be reinvested in the issuer's common shares. For more information, visit Shareholder investment Plans at http://www.rbc.com/investorrelations/ir_dividends.html
- Last Updated