By Wendy Van Sickle
Columbus, Ohio, March 21 – Royal Bank of Canada priced $9.65 million of fixed-to-floating rate notes due March 17, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 8% per year for the first two years.
After that, interest will accrue at an annualized rate of 8% for each day the 30-year U.S. Dollar SOFR ICE swap rate minus the two-year U.S. Dollar SOFR ICE swap rate is at least zero, subject to a floor of 2% per annum.
The notes will be callable on any quarterly payment date after one year. The payout at maturity will be par plus any accrued interest.
RBC Capital Markets LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Redeemable fixed-to-floating rate notes
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| Amount: | $9.65 million
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| Maturity: | March 17, 2033
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| Price: | Par
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| Coupon: | 8% for the first two years; after that, annualized rate of 8% for each day the 30-year U.S. Dollar SOFR ICE swap rate minus the two-year U.S. Dollar SOFR ICE swap rate is at least zero, subject to floor of 2%, payable quarterly
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| Call option: | Quarterly after one year
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| Payout at maturity: | Par plus any interest
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| Pricing date: | March 15
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| Settlement date: | March 17
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| Underwriter: | RBC Capital Markets LLC
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| Fees: | 2.9%
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| Cusip: | 78014RLR9
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