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RBC plans to price floating-rate notes linked to Consumer Price Index
By Angela McDaniels
Tacoma, Wash., Jan. 28 - Royal Bank of Canada plans to price floating-rate notes due Feb. 16, 2017 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is fixed at 2.25% in years one through three. In years four through seven, the interest rate will equal the year-over-year change in the index plus 100 basis points, subject to a floor of zero and a cap of 7%. Interest will be payable monthly.
The payout at maturity will be par.
The notes will price in February and settle Feb. 16.
RBC Capital Markets Corp. is the underwriter.
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