Royal Bank of Canada

Royal Bank of Canada in its $750 million inaugural institutional Preferred Shares Series BT offering


Royal Bank of Canada


$750 million


Capital Markets

Date Closed

January 2022


Banking and Financial Services

Lead Office



On November 5, 2021, Royal Bank of Canada completed its inaugural institutional preferred share offering valued at $750 million - the first Canadian bank to complete this type of offering. This offering was the next step in RBC’s Tier 1 capital offerings, following its inaugural $1.75 billion Limited Recourse Capital Notes (LRCN) offering completed in July 2020 and subsequent $1.25 billion LRCN offering in November 2020 and $1 billion LRCN offering in June 2021, using the now market standard form of AT1 capital instrument pioneered by Osler.

Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization.

Osler, Hoskin & Harcourt LLP represented Royal Bank of Canada with a team consisting of Rosalind Hunter, Jeremy Wu, Alexandra Alacchi (Corporate), and Timothy Hughes (Tax).