Published on 10/27/2022 in the Prospect News Structured Products Daily.
New Issue: RBC prices $10 million collared SOFR floaters with 0% floor, 6% cap
By Wendy Van Sickle
Columbus, Ohio, Oct. 27 – Royal Bank of Canada priced $10 million of collared SOFR floating-rate notes due Oct. 25, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be equal to SOFR plus 110 basis points, subject to a floor of 0% and a cap of 6%. Interest is payable quarterly.
The payout at maturity will be par plus the final coupon.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Collared SOFR floating-rate notes
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Amount: | $10 million
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Maturity: | Oct. 25, 2024
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Coupon: | SOFR plus 110 bps, subject to minimum coupon of 0% and maximum coupon of 6%; 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: | Oct. 21
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Settlement date: | Oct. 25
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.65%
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Cusip: | 78014RHU7
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