New Issue: RBC prices $105 million fixed-to-floating notes with 2.05% initial rate

By Wendy Van Sickle

Columbus, Ohio, March 21 – Royal Bank of Canada priced $105 million of fixed-to-floating-rate notes due March 18, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2.05% until June 18, 2023. After that, the interest rate will be equal to SOFR plus 100 basis points, subject to a floor of 1%. 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:	$105 million
Maturity:	March 18, 2025
Coupon:	2.05% until June 18, 2023; after that, SOFR plus 100 bps, subject to floor of 1%; payable quarterly
Price:	Varying prices
Payout at maturity:	Par
Pricing date:	March 16
Settlement date:	March 18
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at 99.7
Cusip:	78014REC0

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