New Issue: RBC prices $6.03 million fixed-to-floating notes on SOFR ICE Swap Rate

By Wendy Van Sickle

Columbus, Ohio, Oct. 4 – Royal Bank of Canada priced $6.03 million of fixed-to-floating-rate notes due Sept. 30, 2032, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 7.5% until Sept. 30, 2024. After that, the interest rate will be equal to the two-year U.S. dollar SOFR ICE swap rate plus 100 basis points, subject to a floor of 0% and a cap of 7%. 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
Underlying rate:	Two-year U.S. dollar SOFR ICE swap rate
Amount:	$6.03 million
Maturity:	Sept. 30, 2032
Coupon:	7.5% until Sept. 30, 2024; after that, two-year U.S. dollar SOFR ICE swap rate plus 100 bps, subject to floor of 0% and cap of 7%; payable quarterly
Price:	Varying prices
Payout at maturity:	Par
Pricing date:	Sept. 28
Settlement date:	Sept. 30
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at 98.53
Cusip:	78014RHD5

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.