By Wendy Van Sickle
Columbus, Ohio, May 4 – Royal Bank of Canada priced $5 million of floored floating-rate notes due April 29, 2026 linked to two-year U.S. Dollar SOFR ICE Swap Rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly at a rate of 3.35% a year for the first two years. After that, it will be two-year U.S. Dollar SOFR ICE Swap Rate with a floor of 3.35%.
The payout at maturity will be par.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Fixed-to-floored floating-rate notes
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| Amount: | $5 million
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| Maturity: | April 29, 2026
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| Coupon: | 3.35% a year for first two years, then two-year U.S. Dollar SOFR ICE Swap Rate with floor of 3.35%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | April 27
|
| Settlement date: | April 29
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 1.4%
|
| Cusip: | 78014REJ5
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