RBC to price fixed-to-floating notes due 2016 with 1% initial rate

By Angela McDaniels

Tacoma, Wash., Sept. 24 - Royal Bank of Canada plans to price fixed-to-floating-rate notes due Sept. 30, 2016, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 1% for the first six months. After that, it will be Libor plus 125 basis points, subject to a maximum interest rate of 1.75%. Interest will be payable quarterly.

The payout at maturity will be par.

RBC Capital Markets LLC is the underwriter.

The notes are expected to settle Sept. 30.

The Cusip number is 78010UCV7.

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