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RBC to price fixed-to-floating notes due 2025 with 4% initial rate
By Marisa Wong
Madison, Wis., July 11 - Royal Bank of Canada plans to price fixed-to-floating-rate notes due July 25, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 4% for the first year. After that, the interest rate will be the 20-year Constant Maturity Swap rate times 75%, subject to a cap of 6%. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
RBC Capital Markets LLC is the underwriter.
The notes (Cusip: 78008SWY8) are expected to settle July 25.
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