Royal Bank of Canada has announced:
that during the conversion notice period, which ran from April 24, 2020 to May 11, 2020, 325,968 Non-Viability Contingent Capital (NVCC) Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series BD (the “Series BD shares”) were tendered for conversion, on a one-for-one basis, into NVCC Non-Cumulative Floating Rate First Preferred Shares, Series BE (the “Series BE shares”). As per the conditions set out in the prospectus supplement dated January 27, 2015, since less than 1,000,000 Series BE shares would be outstanding after May 24, 2020, holders of Series BD shares will not be entitled to convert their shares into Series BE shares. As a result, Series BE shares will not be issued at this time and holders of Series BD shares will retain their shares.
On May 24, 2020, Royal Bank of Canada will have 24,000,000 Series BD shares issued and outstanding. The Series BD shares are currently listed on the Toronto Stock Exchange under the symbol RY.PR.J.
RY.PR.J is a FixedReset, 3.60%+274, NVCC-compliant, that commenced trading 2015-1-30 after being announced 2015-1-26. It will reset to 3.20% effective 2020-5-24. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.
This entry was posted on Friday, May 15th, 2020 at 2:33 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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RY.PR.J : No Conversion To FloatingReset
Royal Bank of Canada has announced:
RY.PR.J is a FixedReset, 3.60%+274, NVCC-compliant, that commenced trading 2015-1-30 after being announced 2015-1-26. It will reset to 3.20% effective 2020-5-24. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.
This entry was posted on Friday, May 15th, 2020 at 2:33 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.