New Issue: RBC prices $16 million floating-rate notes linked to CMS rate and SOFR

By Wendy Van Sickle

Columbus, Ohio, Nov. 22 – Royal Bank of Canada priced $16 million of floating-rate notes due Nov. 18, 2027 linked to the two-year Constant Maturity Swap rate and to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is the two-year CMS rate for the first year and then SOFR plus a spread of 0.4%, in each case with a floor of 0%. Interest is payable quarterly.

The payout at maturity will be par.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Floating-rate notes
Underlying rates:	Two-year Constant Maturity Swap rate and SOFR
Amount:	$16 million
Maturity:	Nov. 18, 2027
Coupon:	Two-year CMS rate for first year, then SOFR plus 0.4%, floor of 0% in each case; payable quarterly
Price:	Variable
Payout at maturity:	Par
Pricing date:	Nov. 16
Settlement date:	Nov. 18
Agent:	RBC Capital Markets, LLC
Cusip:	78014RDT4

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.