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RBC to price fixed-to-floating notes due 2019 with 1.5% initial rate
By Jennifer Chiou
New York, May 15 - Royal Bank of Canada plans to price fixed-to-floating notes due May 28, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 1.5% for the first 2½ years. After that, it will be equal to Libor plus 40 basis points, subject to a maximum interest rate of 4% and a minimum rate of 0%. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 78010UVU8) are expected to settle on May 28.
RBC Capital Markets LLC is the underwriter.
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