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RBC plans to price redeemable step-up notes with 2% initial rate
By Toni Weeks
San Diego, March 21 - Royal Bank of Canada plans to price redeemable step-up notes due March 31, 2016, according to an FWP with the Securities and Exchange Commission.
The coupon will be 2% for the first year, 2.1% for the second year, 2.25% for the third year, 2.5% for the fourth year and 3.25% for the fifth year. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date.
The notes (Cusip: 78008K3H4) are expected to price in March and settle March 31.
RBC Capital Markets, LLC is the agent.
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