RBC plans fixed-to-floaters with 2.25% start rate on three-month Libor

By Wendy Van Sickle

Columbus, Ohio, March 3 – Royal Bank of Canada plans to price capped fixed-to-floating rate notes due March 30, 2021 linked to the three-month Libor rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest rate will be fixed at 2.25% for the first three years. After that, it will accrue at the three-month Libor plus 75 basis points. Interest will be payable quarterly and will be capped at 4%.

RBC Capital Markets, LLC is the underwriter.

The notes will price on March 24 and settle on March 30.

The Cusip number is 78012KHQ3.

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