By William Gullotti
Buffalo, N.Y., May 24 – Royal Bank of Canada priced $6.4 million of fixed-to-floating rate notes due May 22, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 5.5% per year to but excluding Nov. 22, 2023.
After that, it will accrue at an annual rate of two-Year U.S. Dollar SOFR ICE swap rate plus 100 basis points, subject to a floor of 0%.
The payout at maturity will be par plus any accrued interest.
RBC Capital Markets LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Fixed-to-floating rate notes
|
| Amount: | $6,395,000
|
| Maturity: | May 22, 2025
|
| Price: | Par
|
| Coupon: | 5.5% per year to but excluding Nov. 22, 2023; after that, two-Year U.S. Dollar SOFR ICE swap rate plus 100 bps with floor of 0%; payable quarterly
|
| Payout at maturity: | Par plus any interest
|
| Pricing date: | May 18
|
| Settlement date: | May 22
|
| Underwriter: | RBC Capital Markets LLC
|
| Fees: | None
|
| Cusip: | 78014RMY3
|
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