New Issue: RBC prices $1 million range accrual notes linked to 10-year CMS rate

By Angela McDaniels

Tacoma, Wash., April 27 - Royal Bank of Canada priced $1 million of redeemable CMS10 range accrual notes due April 30, 2032, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 5.25% per year multiplied by the proportion of days on which the 10-year Constant Maturity Swap rate is 6% or less. Interest is payable quarterly.

The payout at maturity will be par.

The notes are callable on any interest payment from Oct. 30, 2012 until April 30, 2014 and then on April 30, 2019, April 30, 2024 and April 30, 2029.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Redeemable CMS10 range accrual notes
Amount:	$1 million
Maturity:	April 30, 2032
Coupon:	5.25% per year multiplied by proportion of days on which 10-year Constant Maturity Swap rate is 6% or less; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	On any interest payment from Oct. 30, 2012 until April 30, 2014 and then on April 30, 2019, April 30, 2024 and April 30, 2029
Pricing date:	April 25
Settlement date:	April 30
Underwriter:	RBC Capital Markets, LLC
Fees:	Variable
Cusip:	78008T4T8

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