New Issue: RBC prices $15 million SOFR to SOFR ICE swap rate floating-rate notes

By Wendy Van Sickle

Columbus, Ohio, Aug. 1 – Royal Bank of Canada priced $15 million of SOFR SOFR ICE swap rate floating-rate notes due July 31, 2028, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be compounded SOFR plus 112 basis points until Jan. 31, 2028, then it will convert to the two-year U.S. Dollar SOFR ICE swap rate rate plus 112 bps, subject, in each case, to a minimum interest rate of 0%. Interest is payable quarterly.

The payout at maturity will be par.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	SOFR to SOFR ICE swap rate floating-rate notes
Amount:	$15 million
Maturity:	July 31, 2028
Coupon:	SOFR plus 112 bps until Jan. 31, 2028, then two-year U.S. Dollar SOFR ICE swap rate rate plus 112 bps, floor of 0%; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	July 27
Settlement date:	July 31
Agent:	RBC Capital Markets, LLC
Fees:	0.85%
Cusip:	78014RPK0

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