New Issue: RBC prices $100 million fixed-to-floating notes with 2.05% initial rate

By Wendy Van Sickle

Columbus, Ohio, Feb. 10 – Royal Bank of Canada priced $100 million of fixed-to-floating notes due Feb. 10, 2023 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2.05% for the first six months. After that, the interest rate is Libor plus 25 basis points, subject to a coupon floor of 0.25%. 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 notes
Underlying rate:	Libor
Amount:	$100 million
Maturity:	Feb. 10, 2023
Coupon:	2.05% for the first six months; after that, the interest rate is Libor plus 25 bps, subject to a coupon floor of 0.25%; payable quarterly
Price:	Varying prices
Payout at maturity:	Par
Pricing date:	Feb. 5
Settlement date:	Feb. 10
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at 99.9
Cusip:	78014RCE8

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