By Angela McDaniels
Tacoma, Wash., Sept. 24 - Royal Bank of Canada priced $5.27 million of redeemable inverse floating-rate notes due Sept. 28, 2020 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly and cannot be less than zero. The per-year interest rate will be:
• 4% in year one;
• 4% minus Libor in years two and three;
• 4.5% minus Libor in year four;
• 5.5% minus Libor in year five;
• 6% minus Libor in year six;
• 7% minus Libor in years seven and eight; and
• 8% minus Libor in years nine and 10.
The payout at maturity will be par.
The notes are callable at par on any interest payment date.
RBC Capital Markets Corp. is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable inverse floating-rate notes
|
| Amount: | $5.27 million
|
| Maturity: | Sept. 28, 2020
|
| Coupon: | 4% in year one, 4% minus Libor in years two and three, 4.5% minus Libor in year four, 5.5% minus Libor in year five, 6% minus Libor in year six, 7% minus Libor in years seven and eight 8% minus Libor in years nine and 10; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date
|
| Pricing date: | Sept. 23
|
| Settlement date: | Sept. 28
|
| Underwriter: | RBC Capital Markets Corp.
|
| Fees: | Variable
|
| Cusip: | 78008KKT9
|
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