New Issue: RBC prices $2 million fixed-to-floaters due 2020 with 1.75% initial rate via Wells Fargo

By Toni Weeks

San Diego, Feb. 23 - Royal Bank of Canada priced $2 million of fixed-to-floating notes due Feb. 24, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC is the underwriter.

The interest rate will be 1.75% for the first year. After that, it will be equal to Libor, subject to a minimum interest rate of 1.75% and a maximum rate of 5%. Interest is payable quarterly.

The payout at maturity will be par.

Issuer:	Royal Bank of Canada
Issue:	Fixed-to-floating notes
Amount:	$2 million
Maturity:	Feb. 24, 2020
Coupon:	1.75% for first year; after that, Libor, with 1.75% floor and 5% cap; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Feb. 21
Settlement date:	Feb. 24
Underwriter:	Wells Fargo Securities, LLC
Fees:	1.05%, used for selling commissions
Cusip:	78008TS96

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