Royal Bank of Canada has announced:
it has closed its domestic public offering of Non-Cumulative, Preferred Shares Series BI. Royal Bank of Canada issued 6 million Preferred Shares Series BI at a price of $25 per share to raise gross proceeds of $150 million.
The offering was underwritten by a syndicate led by RBC Capital Markets. The Preferred Shares Series BI will commence trading on the Toronto Stock Exchange today under the ticker symbol RY.PR.O.
The Preferred Shares Series BI were issued under a prospectus supplement dated July 16, 2015 to the bank’s short form base shelf prospectus dated December 20, 2013.
RY.PR.O is a NVCC-compliant Straight Perpetual paying 4.90%, announced July 14. It will be tracked by HIMIPref™ and has been assigned to the PerpetualDiscounts subindex.
The issue traded 254,478 shares today (consolidated exchanges) in a range of 24.52-65 before closing at 24.57-60. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2045-07-22
Maturity Price : 24.20
Evaluated at bid price : 24.57
Bid-YTW : 4.99 %
The performance of this issue is actually worse than it looks, since the HIMIPref™ PerpetualDiscounts index is up 1.23% since July 14.