Published on 2/15/2022 in the Prospect News Investment Grade Daily and Prospect News Structured Products Daily.
New Issue: RBC prices $97 million capped floating-rate notes linked to SOFR ICE swap rate
By Wendy Van Sickle
Columbus, Ohio, Feb. 15 – Royal Bank of Canada priced $97 million of capped floating-rate notes due Feb. 14, 2025 linked to the two-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is SOFR ICE swap rate plus a spread of 28 basis points, with a floor of 0% and a cap of 2% in the first year, 3% in the second and 3.5% in the third. Interest is payable quarterly.
The payout at maturity will be par.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Capped floating-rate notes
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Underlying rate: | Two-year U.S. dollar SOFR ICE swap rate
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Amount: | $97 million
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Maturity: | Feb. 14, 2025
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Coupon: | SOFR ICE swap rate plus 28 bps, floor of 0%, cap of 2% in the first year, 3% in the second and 3.5% in the third; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | Feb. 10
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Settlement date: | Feb. 14
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Agent: | RBC Capital Markets, LLC
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Cusip: | 78014RDX5
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