New Issue: RBC prices $10.5 million fixed-to-floaters with 2% initial rate

By Toni Weeks

San Luis Obispo, Calif., March 15 - Royal Bank of Canada priced $10.5 million of fixed-to-floating notes due March 19, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2% for the first year. After that, it will be equal to Libor plus 50 basis points, subject to a maximum interest rate, which is 4% to but excluding March 19, 2014 and 5% after that. Interest is payable quarterly.

The payout at maturity will be par.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Fixed-to-floating notes
Amount:	$10.5 million
Maturity:	March 19, 2020
Coupon:	2% for first year; after that, Libor plus 50 bps, subject to a maximum coupon of 4% until March 19, 2018 and 5% after that; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	March 14
Settlement date:	March 19
Underwriter:	RBC Capital Markets, LLC
Fees:	0.55%
Cusip:	78008SVT0

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