By Susanna Moon
Chicago, Jan. 5 - Royal Bank of Canada priced $2.65 million of redeemable range accrual notes due Jan. 7, 2025 based on six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is 7% per year times the proportion of days that six-month Libor 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: | Six-month Libor
|
| Amount: | $2.65 million
|
| Maturity: | Jan. 7, 2025
|
| Coupon: | 7% per year times proportion of days that six-month Libor is 7% or less, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | On interest payment dates
|
| Pricing date: | Jan. 4
|
| Settlement date: | Jan. 7
|
| Underwriter: | RBC Capital Markets Corp.
|
| Fees: | 0.9%
|
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