By Cristal Cody
Prospect News, Oct. 22 - The Royal Bank of Canada priced C$1.5 billion in 10-year fixed- to floating-rate subordinated notes on Friday, a source said.
The notes, which have an initial fixed coupon of 3.18%, were priced at 99.972, or a spread of 130 basis points over the Canada benchmark curve, to yield 3.186%. The notes convert at a later date to a floating interest rate.
The notes are callable after five years.
RBC Capital Markets Corp. was the lead bookrunner.
| Issuer: | Royal Bank of Canada
|
| Issue: | Fixed- to floating-rate subordinated notes
|
| Amount: | C$1.5 billion
|
| Maturity: | Nov. 2, 2020
|
| Bookrunner: | RBC Capital Markets Corp.
|
| Coupon: | 3.18% initially, then at a floating interest rate
|
| Price: | 99.972
|
| Yield: | 3.186%
|
| Spread: | 130 bps over Canada benchmark
|
| Call option: | After five years
|
| Pricing date: | Oct. 22
|
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