RBC to price redeemable range accrual notes linked to six-month Libor

By Angela McDaniels

Tacoma, Wash., May 17 - Royal Bank of Canada plans to price redeemable range accrual notes due May 27, 2026 linked to six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be the base rate multiplied by the proportion of days on which six-month Libor is less than or equal to the cap level. The base rate and cap level will be 5% in years one through five, 6% in years six through 10 and 7% in years 11 through 15. Interest will be payable quarterly.

The payout at maturity will be par.

The notes will be callable on any interest payment date.

The notes (Cusip: 78008TAV6) will settle on May 27.

RBC Capital Markets, LLC is the agent.

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