TORONTO, April 24, 2019 /CNW/ - Royal Bank of
Canada (RY on TSX and NYSE) today
announced the applicable dividend rates for its Non-Viability
Contingent Capital (NVCC) Non-Cumulative 5-Year Rate Reset First
Preferred Shares, Series AZ (the "Series AZ shares") and NVCC
Non-Cumulative Floating Rate First Preferred Shares, Series BA (the
"Series BA shares").
With respect to any Series AZ shares that remain outstanding
after May 24, 2019, holders of the
Series AZ shares will be entitled to receive quarterly fixed rate
non-cumulative preferential cash dividends, as and when declared by
the Board of Directors of Royal Bank of Canada, subject to the provisions of the
Bank Act (Canada).
The dividend rate for the 5-year period from and including
May 24, 2019 to, but excluding,
May 24, 2024 will be 3.70% for Series
AZ shares, being equal to the 5-Year Government of Canada bond yield determined as of
April 24, 2019 plus 2.21%, as
determined in accordance with the terms of the Series AZ
shares.
With respect to any Series BA shares that may be issued on
May 24, 2019, holders of the Series
BA shares will be entitled to receive quarterly floating rate
non-cumulative preferential cash dividends, calculated on the basis
of the actual number of days elapsed in such quarterly period
divided by 365, as and when declared by the Board of Directors of
Royal Bank of Canada, subject to
the provisions of the Bank Act (Canada).
The dividend rate for the floating rate period from and
including May 24, 2019 to, but
excluding, August 24, 2019 will be
3.88%, being equal to the 3-month Government of Canada Treasury
Bill yield determined as of April 24,
2019 plus 2.21%, as determined in accordance with the terms
of the Series BA shares.
Beneficial owners of Series AZ shares who wish to exercise their
conversion rights should instruct their broker or other nominee to
exercise such rights on or prior to the deadline for notice of
intention to convert, which is 5:00 p.m.
(EST) on May 9, 2019.
Inquiries should be directed to Shareholder Relations Officer,
Shirley Boudreau, at
416-955-7806.
SOURCE RBC