06:03 AM EDT, 03/26/2024 (MT Newswires) -- Royal Bank of Canada ( RY ) (RY.TO,RY) overnight Monday said that it has planned a $2 billion offering of non-viability contingent capital subordinated debentures through its Canadian Medium Term Note Program.

The notes bear interest at a fixed rate of 5.096% per annum until April 3, 2029, and at Daily Compounded CORRA plus 1.56% thereafter until their maturity on April 3, 2034.

The offering is expected to close on April 2.

The bank plans to use the net proceeds for general business purposes.