By William Gullotti
Buffalo, N.Y., June 27 – Royal Bank of Canada priced $50 million of fixed-to-floating rate notes due June 22, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 6.25% per year to but excluding June 22, 2024.
After that, it will accrue at an annual rate of compounded SOFR plus 100 basis points, subject to a floor of 0%.
The payout at maturity will be par plus any accrued interest.
RBC Capital Markets LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Fixed-to-floating rate notes
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Amount: | $50 million
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Maturity: | June 22, 2026
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Price: | Par
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Coupon: | 6.25% per year to but excluding June 22, 2024; after that, SOFR plus 100 bps with floor of 0%; payable quarterly
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Payout at maturity: | Par plus any interest
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Pricing date: | June 20
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Settlement date: | June 22
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Underwriter: | RBC Capital Markets LLC
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Fees: | None
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Cusip: | 78014RNR7
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