New Issue: RBC prices $25 million fixed-to-SOFR floaters with 3.25% initial rate

By Wendy Van Sickle

Columbus, Ohio, March 16 – Royal Bank of Canada priced $25 million of fixed-to-SOFR floating notes due March 17, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3.25% until June 17, 2021, when the interest rate will be SOFR plus 89 basis points, subject to a coupon floor of zero. Interest is payable quarterly.

The payout at maturity will be par.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Fixed-to-floating notes
Underlying rate:	SOFR
Amount:	$25 million
Maturity:	March 17, 2023
Coupon:	3.25% until June 17, 2021, then SOFR plus 89 bps, subject to coupon floor of zero; payable quarterly
Price:	Varying prices
Payout at maturity:	Par
Pricing date:	March 12
Settlement date:	March 17
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at 99.85
Cusip:	78014RCQ1

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