New Issue: RBC prices $11.35 million fixed-to-floating notes with 3.3% initial rate

By Wendy Van Sickle

Columbus, Ohio, June 6 – Royal Bank of Canada priced $11.35 million of fixed-to-floating-rate notes due June 3, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3.3% until Sept. 3, 2023. After that, the interest rate will be equal to SOFR plus 95 basis points, subject to a floor of 0%. 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-rate notes
Underlying rate:	SOFR
Amount:	$11.35 million
Maturity:	June 3, 2025
Coupon:	3.3% until Sept. 3, 2023; after that, SOFR plus 95 bps, subject to floor of 0%; payable quarterly
Price:	Varying prices
Payout at maturity:	Par
Pricing date:	June 1
Settlement date:	June 3
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at 99.7
Cusip:	78014REV8

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