New Issue: RBC prices $500,000 accrual notes linked to 10-year ICE swap rate

By Angela McDaniels

Tacoma, Wash., Nov. 20 – Royal Bank of Canada priced $500,000 of accrual notes due Nov. 21, 2019 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes pay a contingent coupon equal to 6.25% per year multiplied by the proportion of days on which the 10-year U.S. dollar ICE swap rate is greater than or equal to 1.832%.

The payout at maturity will be par unless the final reference rate is less than 1.832%, in which case the payout will be $1,000 multiplied by the quotient of the final reference rate divided by 2.29%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Accrual notes
Underlying rate:	10-year U.S. dollar ICE swap rate
Amount:	$500,000
Maturity:	Nov. 21, 2019
Coupon:	6.25% per year multiplied by proportion of days on which 10-year U.S. dollar ICE swap rate is greater than or equal to 1.832%; payable monthly
Price:	Variable
Payout at maturity:	Par unless final reference rate is less than 1.832%, in which case $1,000 multiplied by quotient of final reference rate divided by 2.29%
Pricing date:	Nov. 17
Settlement date:	Nov. 21
Agent:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at 98.25
Cusip:	78012K6W2

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