RBC to price redeemable range accrual notes tied to 10-year CMS rate

By Angela McDaniels

Tacoma, Wash., Nov. 24 - Royal Bank of Canada plans to price redeemable range accrual notes due Dec. 17, 2020 linked to the 10-year Constant Maturity Swap rate, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly and will be 5% per year multiplied by the proportion of days on which the 10-year CMS rate is no greater than the cap, which is expected to be 5% and 6% and will be set at pricing.

The payout at maturity will be par.

The notes are callable on any interest payment date.

The notes (Cusip 78008KTV5) will price and settle in December.

RBC Capital Markets, LLC is the agent.

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