New Issue: RBC sells $1 million fixed-to-floaters with 3% initial rate, 3.5% cap

By Sarah Lizee

Olympia, Wash., April 30 – Royal Bank of Canada priced $1 million of fixed-to-floating notes with cap due April 30, 2021, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% for the first two years. After that, it will be equal to Libor plus 25 basis points, with a cap of 3.5%. Interest is payable quarterly and cannot be less than zero.

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:	$1 million
Maturity:	April 30, 2021
Coupon:	3% for the first two years; after that, equal to Libor plus 25 bps, with a cap of 3.5% and floor of 0%; payable quarterly
Price:	Variable
Payout at maturity:	Par
Pricing date:	April 26
Settlement date:	April 30
Underwriter:	RBC Capital Markets, LLC
Fees:	0.25%
Cusip:	78014RAS9

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