New Issue: RBC prices $59.43 million fixed-to-floating notes with 3.3% initial rate

By Wendy Van Sickle

Columbus, Ohio, May 25 – Royal Bank of Canada priced $59.43 million of fixed-to-floating-rate notes due May 23, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3.3% until Aug. 23, 2023. After that, the interest rate will be equal to SOFR plus 95 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:	$59,425,000
Maturity:	May 23, 2025
Coupon:	3.3% until Aug. 23, 2023; after that, SOFR plus 95 bps, subject to floor of 0%; payable quarterly
Price:	Varying prices
Payout at maturity:	Par
Pricing date:	May 19
Settlement date:	May 23
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at 99.51
Cusip:	78014RER7

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