Royal Bank of Canada filed a free writing prospectus on November 3, 2026, disclosing the final term sheet for a $250,000,000 reopening of its 5.633% Senior Fixed Rate/Floating Rate Notes due November 5, 2032, under Registration No. 333-275898.

Key Highlights

  • Principal amount: $250,000,000 of reopened notes, bringing the total outstanding principal of the 5.633% Senior Fixed Rate/Floating Rate Notes due 2032 to $1,250,000,000.
  • Issue price: 100.081% of the principal amount, plus accrued and unpaid interest of $156,472.22 from November 5, 2026 to but excluding the Settlement Date.
  • Settlement date: November 9, 2026 (T+4), with a trade date of November 3, 2026.
  • Interest structure: Fixed rate of 5.633% semi-annually from November 5, 2026 to November 5, 2031, then floating at USD Compounded SOFR Index Rate plus 108.4 bps quarterly through maturity.
  • Re-offer yield and spread: 5.614%, priced at T+85 basis points over the 4.750% UST due October 31, 2031, which carried a Treasury yield of 4.764%.
  • Expected ratings: A1 / A / AA- / AA from Moody's, S&P, Fitch, and DBRS, respectively, all with stable outlooks, according to the filing.

Royal Bank of Canada Reopens 2032 Fixed-to-Float Notes at $250 Million

According to the filing, the notes offered constitute "a further issuance" of an existing series of 5.633% Senior Fixed Rate/Floating Rate Notes due 2032. The reopened notes are expected to be fungible with the existing notes for U.S. federal income tax purposes and will carry the same CUSIP and ISIN numbers as the existing notes. Following this issuance, the total outstanding principal amount of the series is reported to be $1,250,000,000.

The filing discloses that the notes will bear interest at 5.633% per annum on a 30/360 day count basis during the fixed rate period, which runs from November 5, 2026, to but excluding November 5, 2031. Interest payments during this period are scheduled semi-annually on each May 5 and November 5, beginning May 5, 2027. During the floating rate period, from November 5, 2031, to the maturity date of November 5, 2032, interest will be calculated on an Actual/360 basis at the USD Compounded SOFR Index Rate plus 108.4 basis points, payable and reset quarterly on February 5, 2032, May 5, 2032, August 5, 2032, and the maturity date.

The filing also describes two optional redemption provisions available to the issuer. First, a tax-related redemption allowing the issuer to redeem the notes in whole, but not in part, at 100% of principal plus accrued interest, if Canadian tax law changes on or after October 29, 2026 obligate additional payments. Second, an optional make-whole redemption allows the issuer to redeem the notes in whole or in part at any time prior to November 5, 2031, at the greater of a present-value calculation using the Treasury Rate plus 15 basis points or 100% of principal, plus accrued interest. The minimum denomination is $2,000, in multiples of $1,000, and the notes carry no listing.

What Was Disclosed

Royal Bank of Canada disclosed the final terms of a $250,000,000 reopening of its 5.633% Senior Fixed Rate/Floating Rate Notes due November 5, 2032, priced at 100.081% with a settlement date of November 9, 2026, and total series outstanding rising to $1,250,000,000.