New Issue: RBC prices $70 million floating-rate notes with 0.1% floor linked to SOFR

By William Gullotti

Buffalo, N.Y., Jan. 9 – Royal Bank of Canada priced $70 million of floating-rate notes with floor due Nov. 22, 2028, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be equal to SOFR plus a spread of 175 basis points, subject to a floor of 0.1%. 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
Issue:	Floating-rate notes with floor
Amount:	$70 million
Maturity:	Nov. 22, 2028
Coupon:	SOFR plus 175 bps, subject to minimum coupon of 0.1%; payable quarterly
Price:	Par
Payout at maturity:	Par plus final coupon
Pricing date:	Nov. 18, 2022
Settlement date:	Nov. 22, 2022
Agent:	RBC Capital Markets, LLC
Fees:	0.3%
Cusip:	78014RJE1

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