RY.PR.N – Series BH Prospectus – Royal Bank Preferred Shares

The following is a  set of excerpts from the prospectus document for the Series BH preferreds. The excerpts, highlight the most relevant information, an investor should know when analyzing this preferred.  A link to the prospectus is provided lower in this page.  The original document for RY.PR.N – Series BH Prospectus – Royal Bank Preferred Shares was used for the excerpts and the important information was highlighted for quick access.

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Excerpt: Size and initial yield

May 29, 2015 Royal Bank of Canada $150,000,000 6,000,000 Non-Cumulative First Preferred Shares, Series BH (Non-Viability Contingent Capital (NVCC)) Our Non-Cumulative First Preferred Shares, Series BH (Non-Viability Contingent Capital (NVCC)) (the “Series BH 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, commencing on November 24, 2015, as and when declared by our board of directors, at a rate of 4.90% or $1.2250 per share per annum.
The initial dividend, if declared, will be payable on November 24, 2015 and will be $0.57726 per share, based on an anticipated issue date of June 5, 2015. Subject to the provisions of the Bank Act (Canada) (the “Bank Act”) and the consent of the Superintendent of Financial Institutions Canada (the “Superintendent”), on and after November 24, 2020, we may redeem the Series BH Preferred Shares in whole or in part by the payment of $25.00 in cash per share plus, if redeemed before November 24, 2024, a premium, together with declared and unpaid dividends to the date fixed for redemption.
See “Description of the Series BH Preferred Shares”. Price: $25.00 per Series BH Preferred Share to yield 4.90%

RY.PR.N – Series BH Prospectus – Royal Bank Preferred Shares Original Document

I have presented the most important information regarding the Series BH preferreds. If you need to go through the original and complete document for RY.PR.N – Series BH Prospectus – Royal Bank Preferred Shares is available here.