Published on 4/27/2012 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1 million range accrual notes linked to 10-year CMS rate
By Angela McDaniels
Tacoma, Wash., April 27 - Royal Bank of Canada priced $1 million of redeemable CMS10 range accrual notes due April 30, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.25% per year multiplied by the proportion of days on which the 10-year Constant Maturity Swap rate is 6% or less. Interest is payable quarterly.
The payout at maturity will be par.
The notes are callable on any interest payment from Oct. 30, 2012 until April 30, 2014 and then on April 30, 2019, April 30, 2024 and April 30, 2029.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Redeemable CMS10 range accrual notes
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Amount: | $1 million
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Maturity: | April 30, 2032
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Coupon: | 5.25% per year multiplied by proportion of days on which 10-year Constant Maturity Swap rate is 6% or less; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | On any interest payment from Oct. 30, 2012 until April 30, 2014 and then on April 30, 2019, April 30, 2024 and April 30, 2029
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Pricing date: | April 25
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Settlement date: | April 30
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Underwriter: | RBC Capital Markets, LLC
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Fees: | Variable
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Cusip: | 78008T4T8
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