By Wendy Van Sickle
Columbus, Ohio, April 16 – Royal Bank of Canada priced $11.77 million of redeemable inverse floating rate notes due April 15, 2039, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
For the first two years, the interest rate will be fixed at 8.5% per year. For the inverse floating rate period, it will be 1.5 times the quantity of 7.45% minus compounded SOFR, subject to a floor of 0%.
After two years, the notes will be redeemable quarterly at par.
The payout at maturity will be par.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable inverse floating rate notes
|
| Amount: | $11,771,000
|
| Maturity: | April 15, 2039
|
| Coupon: | 8.5% for first two years; starting April 15, 2026, 7.45% minus compounded SOFR times 1.5, subject to floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | On any quarterly coupon payment date after two years
|
| Pricing date: | April 11
|
| Settlement date: | April 15
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | None
|
| Cusip: | 78014RXX3
|
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