New Issue: RBC prices $5.5 million redeemable step-up notes with 3% initial rate

By Susanna Moon

Chicago, March 27 - Royal Bank of Canada priced $5.5 million of redeemable step-up notes due March 28, 2033, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% for the first 10 years, stepping up to stepping to 4% for years 11 through 15, to 5.25% for years 16 through 18, to 6.25% for year 19 and to 7.5% for year 20. Interest is payable semiannually.

The payout at maturity will be par.

The notes are callable on March 28, 2018, March 28, 2023, March 28, 2028, March 28, 2031 and March 28, 2032.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$5.5 million
Maturity:	March 28, 2033
Coupon:	3% initially, stepping to 4% for years 11 through 15, to 5.25% for years 16 through 18, to 6.25% for year 19 and to 7.5% for year 20; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	On March 28, 2018, March 28, 2023, March 28, 2028, March 28, 2031 and March 28, 2032
Pricing date:	March 25
Settlement date:	March 28
Underwriter:	RBC Capital Markets, LLC
Fees:	2.5% to 3%
Cusip:	78008SVX1

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