New Issue: RBC prices $15 million redeemable step-up notes with 2.75% initial rate

By Jennifer Chiou

New York, Sept. 28 - Royal Bank of Canada priced $15 million of redeemable step-up notes due Sept. 28, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 2.75% for the first year, stepping up to 3% for years two through six, 3.5% for years seven through 11 and to 5% after that. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on March 28, 2013, Sept. 28, 2013, Sept. 28, 2018 and Sept. 28, 2023.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$15 million
Maturity:	Sept. 28, 2027
Coupon:	2.75% initially, stepping up to 3% for years two through six, 3.5% for years seven through 11 and to 5% after that; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on March 28, 2013, Sept. 28, 2013, Sept. 28, 2018 and Sept. 28, 2023
Pricing date:	Sept. 25
Settlement date:	Sept. 28
Underwriter:	RBC Capital Markets, LLC
Fees:	None to 0.75%
Cusip:	78008SFB7

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