By Jennifer Chiou
New York, May 25 - Royal Bank of Canada priced $1.3 million of redeemable range accrual notes due May 27, 2026 linked to six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will accrue at a designated percentage multiplied by the proportion of days on which six-month Libor is less than or equal to the cap level. The percentage and cap level will be 5% in years one through five, 6% in years six through 10 and 7% in years 11 through 15. Interest will be payable quarterly and will not be less than zero.
The payout at maturity will be par.
The notes are callable at par on any interest payment date beginning on Nov. 27, 2011.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable range accrual notes
|
| Amount: | $1.3 million
|
| Maturity: | May 27, 2026
|
| Coupon: | Accrues at designated percentage multiplied by the proportion of days on which six-month Libor is less than or equal to the cap level; percentage and cap level 5% in years one through five, 6% in years six through 10 and 7% in years 11 through 15, floor of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning on Nov. 27, 2011
|
| Pricing date: | May 24
|
| Settlement date: | May 27
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | None
|
| Cusip: | 78008TAV6
|
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