By Susanna Moon
Chicago, Jan. 29 – Royal Bank of Canada priced $1 million of fixed-to-floating notes due Jan. 30, 2025 linked to the 30-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest rate will be 4% for the first year. After that, it will accrue at 70% of the 30-year CMS rate. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Fixed-to-floating notes
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Underlying rates: | 30-year Constant Maturity Swap rate
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Amount: | $1 million
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Maturity: | Jan. 30, 2025
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Coupon: | 3% for first year; after that, 70% of 30-year CMS rate with floor of zero; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Jan. 27
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Settlement date: | Jan. 30
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Agent: | RBC Capital Markets, LLC
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Fees: | 1%
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Cusip: | 78012KAB3
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