By Susanna Moon
Chicago, Dec. 14 - Royal Bank of Canada priced $1.1 million of redeemable range accrual notes due Dec. 16, 2024 based on the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is 6% per year times the proportion of days that the 10-year CMS rate is 7% or less, payable quarterly.
The payout at maturity will be par.
The notes are callable on any interest payment date.
RBC Capital Markets Corp. is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable range accrual notes
|
| Underlying rate: | 10-year Constant Maturity Swap rate
|
| Amount: | $1.1 million
|
| Maturity: | Dec. 16, 2024
|
| Coupon: | 6% per year times proportion of days that 10-year CMS rate is 7% or less, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | On interest payment dates beginning March 16, 2010
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 16
|
| Underwriter: | RBC Capital Markets Corp.
|
| Fees: | 1.75%
|
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