New Issue: RBC sells $10 million 7.375% one-year notes tied to 10-year ICE swap rate

By Marisa Wong

Morgantown, W.Va., June 14 – Royal Bank of Canada priced $10 million of 7.375% notes due May 29, 2020 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable semiannually.

The payout at maturity will be par unless the final reference rate is less than 1.889%, in which case the payout will be (a) the principal amount multiplied by (b) a fraction, the numerator of which is the final reference rate minus 0.889% and the denominator of which is 1%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Notes
Underlying rate:	10-year U.S. dollar ICE swap rate
Amount:	$10 million
Maturity:	May 29, 2020
Coupon:	7.375%, payable semiannually
Price:	Varying prices
Payout at maturity:	Par unless the final reference rate is less than 1.889%, in which case the payout will be (a) the principal amount multiplied by (b) a fraction, the numerator of which is the final reference rate minus 0.889% and the denominator of which is 1%
Pricing date:	May 24
Settlement date:	May 29
Underwriter:	RBC Capital Markets, LLC
Fees:	0.8%
Cusip:	78014RAU4

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