Published on 7/13/2022 in the Prospect News Structured Products Daily.
New Issue: RBC prices $3.7 million collared SOFR floaters with 2.5% floor, 3.25% cap
By Wendy Van Sickle
Columbus, Ohio, July 13 – Royal Bank of Canada priced $3.7 million of collared SOFR floating-rate notes due Jan. 13, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be equal to SOFR, subject to a floor of 2.5% and a cap of 3.25%. Interest is payable quarterly.
The payout at maturity will be par plus the final coupon.
RBC Capital Markets, LLC is the agent with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
Issuer: | Royal Bank of Canada
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Issue: | Collared SOFR floating-rate notes
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Amount: | $3.7 million
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Maturity: | Jan. 13, 2023
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Coupon: | SOFR, subject to minimum coupon of 2.5% and maximum coupon of 3.25%; payable quarterly
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Price: | Par
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Payout at maturity: | Par plus final coupon
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Pricing date: | July 8
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Settlement date: | July 13
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Agents: | RBC Capital Markets, LLC with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
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Fees: | 0.101%
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Cusip: | 78014RFH8
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