By Jennifer Chiou
New York, July 23 - Royal Bank of Canada priced $5.5 million of fixed-to-floating notes due July 25, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 4% for the first year. After that, the interest rate will be 20-year CMS rate times 75%, subject to a maximum coupon of 6%. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
RBC Capital Markets LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $5.5 million
|
| Maturity: | July 25, 2025
|
| Coupon: | 4% for first year; after that, 20-year CMS rate times 75%, capped at 6% with floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | July 22
|
| Settlement date: | July 25
|
| Underwriter: | RBC Capital Markets LLC
|
| Fees: | Up to 1.25%
|
| Cusip: | 78008SWY8
|
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