New Issue: RBC prices $8.8 million collared SOFR floaters with 2.9% floor, 6.1% cap

By Wendy Van Sickle

Columbus, Ohio, May 11 – Royal Bank of Canada priced $8.8 million of collared SOFR floating-rate notes due May 13, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be equal to SOFR, subject to a floor of 2.9% and a cap of 6.1% Interest is payable quarterly.

The payout at maturity will be par plus the final coupon.

RBC Capital Markets, LLC is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.

Issuer:	Royal Bank of Canada
Issue:	Collared SOFR floating-rate notes
Amount:	$8.8 million
Maturity:	May 13, 2025
Coupon:	SOFR, subject to minimum coupon of 2.9% and maximum coupon of 6.1%; payable quarterly
Price:	Par of $1,000
Payout at maturity:	Par plus final coupon
Pricing date:	May 5
Settlement date:	May 8
Underwriter:	RBC Capital Markets, LLC with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
Fees:	1.175%
Cusip:	78014REL0

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