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RBC plans three-year collared floaters with 1% floor, 2% initial cap
By Marisa Wong
Morgantown, W.Va., April 4 – Royal Bank of Canada plans to price collared floating-rate notes due April 8, 2019, according to an FWP filing with the Securities and Exchange Commission.
Interest will be equal to Libor plus 75 basis points, subject to a floor of 1% and a cap of 2% for the first year, 2.25% for the second year and 2.75% for the third year. Interest is payable quarterly.
The payout at maturity will be par plus the final coupon.
RBC Capital Markets, LLC is the agent.
The notes will price on April 5 and settle on April 8.
The Cusip number is 78012KHR1.
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