Royal Bank of Canada files final prospectus for issuance of Trust Subordinated Notes

    TORONTO, April 25 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today
announced that RBC Subordinated Notes Trust ("the Trust"), a closed-end trust
wholly owned by the bank, filed a final prospectus with various securities
commissions across Canada for the issuance of $1 billion of Trust Subordinated
Notes ("the notes").
    The notes bear interest at a fixed rate of 4.58% per annum (paid
semi-annually) until April 30, 2012, and at the three-month Banker's
Acceptance Rate plus 1.00% thereafter until their maturity on April 30, 2017
(paid quarterly). The issue was priced at $99.982 with a yield to April 30,
2012 of 4.584%. The notes are redeemable on and after April 30, 2012 at par.
    The issue is expected to close on April 30, 2007. RBC Capital Markets
acted as lead agent on the issue.
    The capital will be used for general corporate purposes and will improve
the efficiency of the bank's capital structure.

For further information:

For further information: Investor Contacts: Marcia Moffat, Head,
Investor Relations, (416) 955-7803,; Amy Cairncross,
Investor Relations, (416) 955-7809,; Media Contact:
Jackie Braden, Media Relations, (416) 974-2124,

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