Published on 4/30/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1 million fixed-to-floaters with 3% initial rate, 3.5% cap
By Sarah Lizee
Olympia, Wash., April 30 – Royal Bank of Canada priced $1 million of fixed-to-floating notes with cap due April 30, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first two years. After that, it will be equal to Libor plus 25 basis points, with a cap of 3.5%. Interest is 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
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Issue: | Fixed-to-floating notes with cap
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Amount: | $1 million
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Maturity: | April 30, 2021
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Coupon: | 3% for the first two years; after that, equal to Libor plus 25 bps, with a cap of 3.5% and floor of 0%; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | April 26
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Settlement date: | April 30
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 0.25%
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Cusip: | 78014RAS9
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