By Wendy Van Sickle
Columbus, Ohio, July 11 – Royal Bank of Canada priced $10 million of SOFR SOFR ICE swap rate floating-rate notes due June 28, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be compounded SOFR for the first four years and six months, then it will convert to the two-year U.S. Dollar SOFR ICE swap rate rate plus 123 bps, subject, in each case, to a minimum interest rate of 0%. Interest is payable quarterly.
The payout at maturity will be par.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | SOFR to SOFR ICE swap rate floating-rate notes
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Amount: | $10 million
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Maturity: | June 28, 2028
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Coupon: | SOFR for first four years and six months, then two-year U.S. Dollar SOFR ICE swap rate rate plus 123 bps, floor of 0%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | June 26
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Settlement date: | June 28
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.5%
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Cusip: | 78014RNQ9
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