By Marisa Wong
Morgantown, W.Va., Oct. 16 – Royal Bank of Canada priced $1.05 million of accrual notes due Oct. 16, 2019 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon that will accrue at an annual rate of 6.25% for each day that the 10-year U.S. dollar ICE swap rate is at least 1.824%.
The payout at maturity will be par unless the final reference rate is less than 1.824%, in which case investors will lose 1% for each 1% decline in the reference rate.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Accrual notes
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| Underlying rate: | 10-year U.S. dollar ICE swap rate
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| Amount: | $1.05 million
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| Maturity: | Oct. 16, 2019
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| Coupon: | 6.25% annualized for each day that the 10-year U.S. dollar ICE swap rate is at least 1.824%, payable monthly
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| Price: | Variable
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| Payout at maturity: | Par unless the final reference rate is less than 1.824%, in which case $1,000 multiplied by the quotient of the final reference rate divided by 2.28%
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| Pricing date: | Oct. 12
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| Settlement date: | Oct. 16
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78012K6T9
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