By Jennifer Chiou
New York, May 3 - Royal Bank of Canada priced $10 million of redeemable range accrual notes due May 5, 2026 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly and equals 5.98% multiplied by the proportion of days on which Libor is 7% or less.
The payout at maturity will be par.
The notes are callable at par on any interest payment date beginning on Aug. 5.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable range accrual notes
|
| Amount: | $10 million
|
| Maturity: | May 5, 2026
|
| Coupon: | Accrues at 5.98% per year on each day that Libor is 7% or less; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning on Aug. 5
|
| Pricing date: | May 2
|
| Settlement date: | May 5
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | None
|
| Cusip: | 78008TAC8
|
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