By Wendy Van Sickle
Columbus, Ohio, Feb. 29 – Royal Bank of Canada priced $13.09 million of redeemable inverse floating rate notes due Feb. 28, 2039, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
For the first two years, the interest rate will be fixed at 8.5% per year. For the inverse floating rate period, it will be 1.5 times the quantity of 7.45% minus compounded SOFR, subject to a floor of 0%.
After two years, the notes will be redeemable quarterly at par.
The payout at maturity will be par.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Redeemable inverse floating rate notes
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Amount: | $13,085,000
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Maturity: | Feb. 28, 2039
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Coupon: | 8.5% for first two years; starting Feb. 28, 2026, 7.45% minus compounded SOFR times 1.5, subject to floor of 0%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | On any quarterly coupon payment date after two years
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Pricing date: | Feb. 26
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Settlement date: | Feb. 28
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Underwriter: | RBC Capital Markets, LLC
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Fees: | None
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Cusip: | 78014RTB6
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