By E. Janene Geiss
Philadelphia, April 28 - Royal Bank of Canada priced $5 million redeemable non-inversion range accrual notes due April 30, 2028 linked to the 30-year and two-year Constant Maturity Swap (CMS) rates, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable semiannually and will equal 7.7% per year multiplied by the proportion of days on which the 30-year CMS rate is greater than or equal to the two-year CMS rate.
Beginning April 30, 2009, the notes will be callable at par on any interest payment date.
RBC Capital Markets Corp. is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Redeemable non-inversion range accrual notes
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Amount: | $5 million
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Maturity: | April 30, 2028
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Coupon: | 7.7% per year multiplied by proportion of days on which 30-year CMS rate is greater than or equal to two-year CMS rate; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on interest payment dates beginning April 30, 2009
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Pricing date: | April 25
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Settlement date: | April 30
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Underwriter: | RBC Capital Markets Corp.
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Fees: | 3.8%
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