By William Gullotti
Buffalo, N.Y., Nov. 29 – Royal Bank of Canada priced $20 million of fixed-to-floating rate notes due Nov. 28, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 6.05% per year up to, but excluding, Nov. 28, 2024.
After that, it will accrue at compounded SOFR plus 105 basis points, subject to a floor of 0%.
The payout at maturity will be par plus any accrued interest.
RBC Capital Markets LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Fixed-to-floating rate notes
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| Amount: | $20 million
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| Maturity: | Nov. 28, 2025
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| Price: | Par
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| Coupon: | 6.05% per year up to, but excluding, Nov. 28, 2024; after that, compounded SOFR plus 105 bps with floor of 0%; payable quarterly
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| Payout at maturity: | Par plus any interest
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 28
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| Underwriter: | RBC Capital Markets LLC
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| Fees: | None
|
| Cusip: | 78014RTJ9
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