By Sarah Lizee
Olympia, Wash., April 5 – Royal Bank of Canada priced $1 million of accrual notes due April 5, 2022 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon equal to 6% per year multiplied by the proportion of days on which the 10-year U.S. dollar ICE swap rate is 1.8486% or greater.
The payout at maturity will be par unless the final reference rate is less than 1.8486%, in which case the payout will be (a) the principal amount multiplied by (b) the quotient of the final reference rate divided by 2.37%.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Accrual notes
|
| Underlying rate: | 10-year U.S. dollar ICE swap rate
|
| Amount: | $1 million
|
| Maturity: | April 5, 2022
|
| Coupon: | 6% per year multiplied by proportion of days on which 10-year U.S. dollar ICE swap rate is 1.8486% or greater; payable quarterly
|
| Price: | Varying prices
|
| Payout at maturity: | Par unless final reference rate is less than 1.8486%, in which case (a) principal amount multiplied by (b) quotient of final reference rate divided by 2.37%
|
| Pricing date: | April 3
|
| Settlement date: | April 5
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | Underwriter purchased notes at 99.4
|
| Cusip: | 78014RAL4
|
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