diff --git a/CHANGES.md b/CHANGES.md
index f91109f88..43f5a7826 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,29 @@
+Synapse 1.50.0rc2 (2022-01-14)
+==============================
+
+This release candidate fixes a federation-breaking regression introduced in the previous release candidate. The bug broke sending federation traffic to destination servers that had enough outbound device updates to be sent (including at least one cross-signing key update).
+It would particularly affect sending to servers that have had downtime, as this would make it more likely that a big enough queue of outbound device updates had built up.
+
+
+Bugfixes
+--------
+
+- Fix a bug introduced in Synapse v1.0.0 whereby some device list updates would not be sent to remote homeservers if there were too many to send at once. ([\#11729](https://github.com/matrix-org/synapse/issues/11729))
+- Fix a bug introduced in Synapse v1.50.0rc1 whereby outbound federation could fail because too many EDUs were produced for device updates. ([\#11730](https://github.com/matrix-org/synapse/issues/11730))
+
+
+Improved Documentation
+----------------------
+
+- Document that now the minimum supported PostgreSQL version is 10. ([\#11725](https://github.com/matrix-org/synapse/issues/11725))
+
+
+Internal Changes
+----------------
+
+- Fix a typechecker problem related to our (ab)use of `nacl.signing.SigningKey`s. ([\#11714](https://github.com/matrix-org/synapse/issues/11714))
+
+
 Synapse 1.50.0rc1 (2022-01-05)
 ==============================
 
diff --git a/changelog.d/11714.misc b/changelog.d/11714.misc
deleted file mode 100644
index 7f39bf0e3..000000000
--- a/changelog.d/11714.misc
+++ /dev/null
@@ -1 +0,0 @@
-Fix a typechecker problem related to our (ab)use of `nacl.signing.SigningKey`s.
\ No newline at end of file
diff --git a/changelog.d/11725.doc b/changelog.d/11725.doc
deleted file mode 100644
index 46eb9b814..000000000
--- a/changelog.d/11725.doc
+++ /dev/null
@@ -1 +0,0 @@
-Document that now the minimum supported PostgreSQL version is 10.
diff --git a/changelog.d/11729.bugfix b/changelog.d/11729.bugfix
deleted file mode 100644
index 8438ce568..000000000
--- a/changelog.d/11729.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug introduced in Synapse v1.0.0 whereby some device list updates would not be sent to remote homeservers if there were too many to send at once.
\ No newline at end of file
diff --git a/changelog.d/11730.bugfix b/changelog.d/11730.bugfix
deleted file mode 100644
index a0bd7dd1a..000000000
--- a/changelog.d/11730.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug introduced in Synapse v1.50.0rc1 whereby outbound federation could fail because too many EDUs were produced for device updates.
\ No newline at end of file
diff --git a/debian/changelog b/debian/changelog
index b54c0ff34..381980f46 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.50.0~rc2) stable; urgency=medium
+
+  * New synapse release 1.50.0~rc2.
+
+ -- Synapse Packaging team <packages@matrix.org>  Fri, 14 Jan 2022 11:18:06 +0000
+
 matrix-synapse-py3 (1.50.0~rc1) stable; urgency=medium
 
   * New synapse release 1.50.0~rc1.
diff --git a/synapse/__init__.py b/synapse/__init__.py
index 92aec334e..f2dac4e7d 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -47,7 +47,7 @@ try:
 except ImportError:
     pass
 
-__version__ = "1.50.0rc1"
+__version__ = "1.50.0rc2"
 
 if bool(os.environ.get("SYNAPSE_TEST_PATCH_LOG_CONTEXTS", False)):
     # We import here so that we don't have to install a bunch of deps when