By Marisa Wong
Morgantown, W.Va., March 29 – Royal Bank of Canada priced $4.1 million of fixed-to-floating notes with cap due March 30, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.25% for the first three years and Libor plus 75 basis points, subject to a cap of 4% per year, in years four and five. 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 with cap
|
| Amount: | $4.1 million
|
| Maturity: | March 30, 2021
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| Coupon: | 2.25% in years one through three and Libor plus 75 bps in years four and five, subject to cap of 4% per year; payable quarterly
|
| Price: | Varying prices
|
| Payout at maturity: | Par
|
| Pricing date: | March 24
|
| Settlement date: | March 30
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 0.5%
|
| Cusip: | 78012KHQ3
|
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