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RBC to price redeemable leveraged steepener notes linked to CMS rates
By Sarah Lizee
Olympia, Wash., April 4 – Royal Bank of Canada plans to price redeemable leveraged steepener notes due April 13, 2028 linked to the 30-year Constant Maturity Swap rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 6% for the first two years. After that, the interest rate will be 8.5 times the 30-year CMS rate over the two-year CMS rate, subject to a minimum of zero and a maximum of 8% per year. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable in whole on April 13, 2019 and annually after that.
RBC Capital Markets, LLC is the agent.
The notes will price on April 11 and settle on April 13.
The Cusip number is 78014RAE0.
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