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RBC plans to price fixed-to-floaters due 2020 with 2% initial rate
By Marisa Wong
Madison, Wis., March 13 - Royal Bank of Canada plans to price fixed-to-floating notes due March 19, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% for the first year. After that, it will be equal to Libor plus 50 basis points, subject to a maximum interest rate of 4% for years two through five and 5% from year six to maturity. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 78008SVT0) are expected to settle March 19.
RBC Capital Markets, LLC is the agent.
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