By Marisa Wong
Madison, Wis., Dec. 7 - Royal Bank of Canada priced $1 million of redeemable range accrual notes due Dec. 9, 2027 linked to six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
In years one through six, interest will accrue at 4% on each day that the six-month Libor rate is between 0% and 4%. In years seven through 16, interest will accrue at the applicable rate on each day that the six-month Libor rate is between zero and 6%. The applicable rate is 5% for years seven through 11 and 6% for years 12 through 16.
Interest is payable quarterly.
The payout at maturity will be par.
The notes are redeemable at par on each interest payment date through Dec. 9, 2012 as well as on Dec. 9, 2017 and Dec. 9, 2022.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable range accrual notes
|
| Amount: | $1 million
|
| Maturity: | Dec. 9, 2027
|
| Coupon: | 4% on each day six-month Libor is between 0% and 4% for years one through six; 5% for each day six-month Libor is between 0% and 6% for years seven through 11; 6% for each day six-month Libor is between 0% and 6% for years 12 through 16
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call: | At par on interest payment dates through Dec. 9, 2012 as well as on Dec. 9, 2017 and Dec. 9, 2022
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 9
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78008TZE7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
