By Marisa Wong
Madison, Wis., July 2 – Royal Bank of Canada priced $26 million of fixed-to-floating-rate notes due July 6, 2018, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 1.1% in the first year and Libor plus 35 basis points in years two and three, subject to a maximum rate of 1.75% for year two and 2.5% for year three. Interest is payable quarterly.
The payout at maturity will be par.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Fixed-to-floating-rate notes
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| Amount: | $26 million
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| Maturity: | July 6, 2018
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| Coupon: | 1.1% in first year and Libor plus 35 bps in years two and three, subject to a maximum rate of 1.75% for year two and 2.5% for year three; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | July 1
|
| Settlement date: | July 6
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 0.4%
|
| Cusip: | 78012KFE2
|
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