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RBC plans to price fixed-to-floating notes with cap, 2.25% initial rate
By Susanna Moon
Chicago, Jan. 11 – Royal Bank of Canada plans to price fixed-to-floating notes with cap due Jan. 28, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be fixed at 2.25% for the first three years. After that, the rate will be Libor plus 75 basis points, up to a 4% coupon cap. Interest will be payable quarterly.
The payout at maturity will be par.
RBC Capital Markets, LLC is the underwriter.
The notes will price on Jan. 25 and settle on Jan. 28.
The Cusip number is 78012KHM2.
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