Royal Bank of Canada completed the issuance of $500 million of subordinated indebtedness on January 25, 2000. The issue marked the first time Royal Bank has issued such notes under a medium term note program put in place by the Bank by a prospectus supplement on January 13, 2000. The medium term notes, which were issued on an agency basis, have a term to maturity of 15 years and bear interest at a fixed rate for the first ten years and a floating rate thereafter. Royal Bank senior securities counsel Donald R. Brown retained the services of Francis R. Legault and Solomon Sananes of Ogilvy Renault. The agents, led by RBC Dominion Securities Inc., were represented by Mihkel E. Voore and Maurice J. Swan of Stikeman Elliott.