By Sarah Lizee
Olympia, Wash., May 8 – Royal Bank of Canada priced $25 million of fixed-to-floating notes due May 6, 2022 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2% for the first six months. After that, the interest rate is SOFR plus 80 basis points. Interest is payable quarterly.
The payout at maturity will be par.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Fixed-to-floating notes
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Underlying rate: | SOFR
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Amount: | $25 million
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Maturity: | May 6, 2022
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Coupon: | 2% for the first six months; after that, the SOFR plus 80 bps; payable quarterly
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Price: | Varying prices
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Payout at maturity: | Par
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Pricing date: | May 4
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Settlement date: | May 6
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Underwriter: | RBC Capital Markets, LLC
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Fees: | Underwriter purchased notes at 99.8
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Cusip: | 78014RCU2
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