New Issue: RBC prices $5 million 9% notes due 2020 tied to 10-year ICE swap rate

By Sarah Lizee

Olympia, Wash., June 6 – Royal Bank of Canada priced $5 million of 9% notes due June 10, 2020 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable semiannually.

The payout at maturity will be par unless the final reference rate is less than 1.6978%, in which case the payout will be (a) the principal amount multiplied by (b) a fraction, the numerator of which is the final reference rate minus 0.6978% and the denominator of which is 1%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Notes
Underlying rate:	10-year U.S. dollar ICE swap rate
Amount:	$5 million
Maturity:	June 10, 2020
Coupon:	9%, payable semiannually
Price:	Varying prices
Payout at maturity:	Par unless the final reference rate is less than 1.6978%, in which case the payout will be (a) the principal amount multiplied by (b) a fraction, the numerator of which is the final reference rate minus 0.6978% and the denominator of which is 1%.
Pricing date:	May 31
Settlement date:	June 10
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at 99
Cusip:	78014RAV2

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