New Issue: RBC prices $5 million redeemable step-up notes with 3% initial rate

By Susanna Moon

Chicago, April 27 - Royal Bank of Canada priced $5 million of redeemable step-up notes due April 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 3% for the first four years, stepping up to 3.25% for years five through eight and to 4% after that until maturity. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on Oct. 30, 2012, April 30, 2013, April 30, 2016 and April 30, 2020.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$5 million
Maturity:	April 30, 2024
Coupon:	3% initially, stepping up to 3.25% in year five and to 4% in year nine; payable semiannually
Price:	Variable
Payout at maturity:	Par
Call option:	At par on Oct. 30, 2012, April 30, 2013, April 30, 2016 and April 30, 2020
Pricing date:	April 25
Settlement date:	April 30
Underwriter:	RBC Capital Markets, LLC
Fees:	None to 0.75%
Cusip:	78008T5L4

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