Royal Bank of Canada announced an offering of $1 billion of non-viability contingent capital (NVCC) subordinated debentures ("the Notes") through its Canadian Medium Term Note Program. The Notes bear interest at a fixed rate of 1.67% per annum (paid semi-annually) until January 28, 2028 and at the three-month Canadian Dollar Offered Rate plus 0.55% thereafter until their maturity on January 28, 2033 (paid quarterly). The expected closing date is January 28, 2021. RBC Capital Markets is acting as lead agent on the issue. The bank may, at its option and with the prior approval of the Office of the Superintendent of Financial Institutions, redeem the Notes on or after January 28, 2028 at par, in whole at any time or in part from time to time, on not less than 30 days and not more than 60 days' notice to registered holders.