New Issue: RBC prices $50 million fixed-to-SOFR floaters with 2% initial rate

By Marisa Wong

Los Angeles, Jan. 24 – Royal Bank of Canada priced $50 million of fixed-to-SOFR floating notes due Jan. 30, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2% in year one. In years two and three, the interest rate is SOFR plus 40 basis points, subject to a coupon floor of zero. Interest is payable quarterly.

The payout at maturity will be par.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Fixed-to-floating notes
Underlying rate:	SOFR
Amount:	$50 million
Maturity:	Jan. 30, 2023
Coupon:	2% in year one; in years two and three, SOFR plus 40 bps, subject to coupon floor of zero; payable quarterly
Price:	Varying prices
Payout at maturity:	Par
Pricing date:	Jan. 23
Settlement date:	Jan. 30
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at prices between 99.9 and par
Cusip:	78014RCD0

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