Published on 8/5/2022 in the Prospect News Structured Products Daily.
New Issue: RBC prices $77.25 million floating-rate notes due 2025 on SOFR ICE swap rate
By Wendy Van Sickle
Columbus, Ohio, Aug. 5 – Royal Bank of Canada priced $77.25 million of floating-rate notes due Aug. 4, 2025 linked to the two-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be equal to the swap rate, subject to a floor of 3.4% per annum. Interest will be payable quarterly.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Floating-rate notes
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| Underlying index: | Two-year U.S. dollar SOFR ICE swap rate
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| Amount: | $77.25 million
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| Maturity: | Aug. 4, 2025
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| Coupon: | Swap rate, subject to a floor of 3.4% per annum; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Aug. 2
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| Settlement date: | Aug. 4
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 0.4%
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| Cusip: | 78014RFV7
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