Preferred Stock Channel
Royal Bank of Canada (Montreal, Quebec) | Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AL (RY.PRL.CA)

Prospectus excerpt:  Our Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AL (the “Series AL Preferred Shares”) will be entitled to fixed non-cumulative preferential cash dividends, payable quarterly on the 24th day of February, May, August and November in each year, as and when declared by our board of directors, for the initial period from and including the closing date of this offering to, but excluding, February 24, 2014 (the “Initial Fixed Rate Period”) at a per annum rate of 5.60%, or $1.40 per share per annum. The initial dividend, if declared, will be payable on February 24, 2009 and will be $0.43342 per share, based on an anticipated issue date of November 3, 2008.

Full Prospectus PDF », RY.CA Page »

Series:AL
Alternate symbology:RY-L.CA, RY-PL.CA, RYprL.CA
Redeemable?:Yes
Call Date:2/24/2014 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Conversion Ratio:Holders of the Series AL Preferred Shares will have the option to convert such shares into Non-Cumulative Floating Rate First Preferred Shares, Series AM (the “Series AM Preferred Shares”), subject to certain conditions, on February 24, 2014 and on February 24 every fifth year thereafter. Series AM Preferred Shares will be entitled to floating rate non-cumulative preferential cash dividends, payable quarterly on the 24th day of February, May, August and November in each year (the initial quarterly dividend period and each subsequent quarterly dividend period is referred to as a “Quarterly Floating Rate Period”), as and when declared by our board of directors, in an amount per share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate will be equal to the sum of the T-Bill Rate (as defined herein) plus 2.67% (calculated on the basis of the actual number of days in the applicable Quarterly Floating Rate Period divided by 365) determined on the Floating Rate Calculation Date (as defined herein).
Shares Offered:8000000
Overallotment:4000000
Liquidation Preference:$25
Original Coupon:5.6% for the initial fixed rate period, then for each five-year period after the Initial Fixed Rate Period, the Series AL Preferred Shares will be entitled to fixed non-cumulative preferential cash dividends, payable quarterly on the 24th day of February, May, August and November in each year, as and when declared by our board of directors, in an amount per share per annum determined by multiplying the Annual Fixed Dividend Rate applicable to such Subsequent Fixed Rate Period by 5.00. We will determine the Annual Fixed Dividend Rate for each ensuing Subsequent Fixed Rate Period on the Fixed Rate Calculation Date, which rate will be equal to the sum of the Government of Canada Yield on the Fixed Rate Calculation Date plus 2.67%.
Pay Period:Quarterly
Pay Dates:24-Feb, 24-May, 24-Aug, 24-Nov
CDx3 Compliance Rating: Learn RY.PRL.CA's Rating
Royal Bank of Canada is a global financial institution. Co.'s segments are: Personal and Commercial Banking, which provides financial products and services to individuals and businesses for their day-to-day banking, investing and financing needs; Wealth Management, which serves high net worth and ultra-high net worth individual and institutional clients with advice-based solutions; Insurance, which includes RBC Insurance®, a Canadian bank-owned insurance organization; Investor and Treasury Services, which provides asset, payment and treasury services to financial institutions and asset owners worldwide; and Capital Markets, which includes RBC Capital Markets®, a global investment bank.

Preferreds: RY.PRA.CA, RY.PRB.CA, RY.PRC.CA, RY.PRD.CA, RY.PRE.CA, RY.PRF.CA, RY.PRG.CA, RY.PRH.CA, RY.PRI.CA, RY.PRL.CA, RY.PRN.CA, RY.PRP.CA, RY.PRR.CA, RY.PRT.CA, RY.PRW.CA, RY.PRX.CA, RY.PRY.CA


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Name:  Royal Bank of Canada (Montreal, Quebec)
Website:  www.rbc.com
Sector:  Banking & Savings
Number of ETFs Holding RY.CA:  2 (see which ones)
Total Market Value Held by ETFs:  $41,154,948
Total Market Capitalization:  $144,055,000,000
% of Market Cap. Held by ETFs:  0.03%

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