Published on 12/13/2022 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1 million floating-rate notes with 4.5% floor linked to SOFR
By William Gullotti
Buffalo, N.Y., Dec. 13 – Royal Bank of Canada priced $1 million of floating-rate notes with floor due Oct. 20, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be equal to SOFR, subject to a floor of 4.5%. Interest is payable quarterly.
The payout at maturity will be par plus the final coupon.
RBC Capital Markets, LLC is the agent. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
Issuer: | Royal Bank of Canada
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Issue: | Floating-rate notes with floor
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Amount: | $1 million
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Maturity: | Oct. 20, 2025
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Coupon: | SOFR, subject to minimum coupon of 4.5%; 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. 17
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Settlement date: | Oct. 20
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Agent: | RBC Capital Markets, LLC
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Placement agents: | JPMorgan Chase Bank, NA, J.P. Morgan Securities LLC
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Fees: | 0.85%
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Cusip: | 78014RHR4
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