New Issue: RBC sells $100 million three-year capped floaters tied to two-year CMS

By Marisa Wong

Los Angeles, Sept. 10 – Royal Bank of Canada priced $100 million of capped floating-rate notes due Sept. 9, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be equal to the two-year CMS rate, subject to a floor of zero and a cap of 0.5% for the first year, 0.75% for the second year and 1.1% for the third year. Interest is payable quarterly.

The payout at maturity will be par.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Capped floating-rate notes
Amount:	$100 million
Maturity:	Sept. 9, 2024
Coupon:	Two-year CMS rate, subject to a floor of zero and a cap of 0.5% for the first year, 0.75% for the second year and 1.1% for the third year; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Sept. 7
Settlement date:	Sept. 9
Underwriter:	RBC Capital Markets, LLC
Fees:	0.1%
Cusip:	78014RDR8

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