RBC to price fixed-to-floating notes with 2% initial rate, 1.5% floor

By Angela McDaniels

Tacoma, Wash., July 3 – Royal Bank of Canada plans to price fixed-to-floating notes with floor due July 28, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2% per year in years one and two and Libor in years three through five, subject to a 1.5% coupon floor. Interest will be payable quarterly.

The payout at maturity will be par.

RBC Capital Markets, LLC is the underwriter.

The notes will price July 25.

The Cusip number is 78012KM46.

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