Published on 5/18/2022 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.15 million collared SOFR floaters with 3% floor, 5% cap
By William Gullotti
Buffalo, N.Y., May 18 – Royal Bank of Canada priced $2.15 million of collared SOFR floating-rate notes due May 19, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be equal to SOFR, subject to a floor of 3% and a cap of 5%. Interest is payable quarterly.
The payout at maturity will be par plus the final coupon.
RBC Capital Markets, LLC and UBS Financial Services Inc. are the agents.
Issuer: | Royal Bank of Canada
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Issue: | Collared SOFR floating-rate notes
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Amount: | $2,152,000
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Maturity: | May 19, 2025
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Coupon: | SOFR, subject to minimum coupon of 3% and maximum coupon of 5%; payable quarterly
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Price: | Par
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Payout at maturity: | Par plus final coupon
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Pricing date: | May 13
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Settlement date: | May 19
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Agents: | RBC Capital Markets, LLC and UBS Financial Services Inc.
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Fees: | 1%
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Cusip: | 78014REN6
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