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Royal Bank of Canada will issue to certain institutional investors 750 thousand Preferred Shares Series BU priced at $1,000 per share to raise gross proceeds of $750 million.
The Preferred Shares Series BU will yield 7.408 per cent annually, payable semi-annually, as and when declared by the Board of Directors of Royal Bank of Canada, for the initial period ending February 24, 2029. Thereafter, the dividend rate will reset every five years at a rate equal to 3.90 per cent over the 5-year Government of Canada bond yield.
Posted In: RY
