Published on 12/31/2021 in the Prospect News Structured Products Daily.
New Issue: RBC prices $16 million capped floating-rate notes linked to SOFR
By Wendy Van Sickle
Columbus, Ohio, Dec. 31 – Royal Bank of Canada priced $16 million of capped floating-rate notes due Dec. 29, 2026 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is SOFR plus a spread of 79 basis points, with a floor of 0% and a cap of 3%. Interest is payable quarterly.
The payout at maturity will be par.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Capped floating-rate notes
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Underlying rate: | SOFR
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Amount: | $16 million
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Maturity: | Dec. 29, 2026
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Coupon: | SOFR plus 79 bps, floor of 0%, cap of 3%; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | Dec. 23
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Settlement date: | Dec. 29
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Agent: | RBC Capital Markets, LLC
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Cusip: | 78014RDU1
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