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RBC to price leveraged steepener notes due 2023 linked to CMS rates
By Sarah Lizee
Olympia, Wash., May 14 – Royal Bank of Canada plans to price leveraged steepener notes due May 22, 2023 linked to the 30-year Constant Maturity Swap rate and the two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.375% for the first two years. After that, the interest rate will be 8.5 times the spread of the 30-year CMS rate over the two-year CMS rate, subject to a minimum of 0%. Interest will be payable quarterly.
The payout at maturity will be par.
The notes are non-callable.
RBC Capital Markets, LLC is the agent.
The notes will price on May 18 and settle on May 22.
The Cusip number is 78014RAD2.
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