New Issue: RBC prices $9.17 million five-year fixed-to-floaters with 2% start rate

By Wendy Van Sickle

Columbus, Ohio, March 29 – Royal Bank of Canada priced $9.17 million of fixed-to-floating notes with cap due March 30, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2% for the first two years. After that, it will be Libor plus 75 basis points, up to a cap of 4% per year. 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:	$9,165,000
Maturity:	March 30, 2022
Coupon:	2% for two years, then Libor plus 75 bps, capped at 4% per year; payable quarterly
Price:	Variable
Payout at maturity:	Par
Pricing date:	March 27
Settlement date:	March 30
Underwriter:	RBC Capital Markets, LLC
Fees:	0.5%
Cusip:	78012KWZ6

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.