New Issue: RBC prices $26 million fixed-to-floating notes with 0.625% initial rate

By Wendy Van Sickle

Columbus, Ohio, Oct. 13 – Royal Bank of Canada priced $26 million of fixed-to-floating notes due Oct. 9, 2025 linked to the two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 0.625% until July 9, 2025. After that, interest will be equal to the CMS rate, subject to a coupon floor of 0.625%. 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
Underlying rate:	Two-year Constant Maturity Swap rate
Amount:	$26 million
Maturity:	Oct. 9, 2025
Coupon:	0.625% until July 9, 2025; after that, CMS rate, with 0.625% floor; payable quarterly
Price:	Varying prices
Payout at maturity:	Par
Pricing date:	Oct. 7
Settlement date:	Oct. 9
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at 99.7
Cusip:	78014RDC1

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