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RBC to price non-callable fixed-to-floating notes due January 2019
By Jennifer Chiou
New York, Jan. 19 - Royal Bank of Canada plans to price non-callable fixed-to-floating notes due Jan. 30, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% in year one. In years two and through seven, the interest rate will be Libor plus 75 basis points, subject to a maximum rate of 5% per year in any interest period. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 78008TL28) are expected to settle on Jan. 30.
RBC Capital Markets Corp. is the agent.
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