New Issue: RBC prices $85 million fixed-to-floating notes with 1.25% initial rate

By Wendy Van Sickle

Columbus, Ohio, Feb. 16 – Royal Bank of Canada priced $85 million of fixed-to-floating-rate notes due Feb. 18, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 1.25% until May 18, 2023. After that, the interest rate will be equal to SOFR plus 58 basis points, subject to a floor of 0%. 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:	SOFR
Amount:	$85 million
Maturity:	Feb. 18, 2025
Coupon:	1.25% until May 18, 2023; after that, SOFR plus 58 bps, subject to floor of zero; payable quarterly
Price:	Varying prices
Payout at maturity:	Par
Pricing date:	Feb. 11
Settlement date:	Feb. 18
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at 99.8
Cusip:	78014RDZ0

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