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RBC plans 18-year redeemable step-up notes with 3.75% initial rate
By Marisa Wong
Madison, Wis., Aug. 1 - Royal Bank of Canada plans to price redeemable step-up notes due Aug. 14, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.75% for the first eight years, stepping up to 4% for years nine through 13, to 5% for years 14 and 15, to 6% for years 16 and 17 and to 7.5% after that. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on Aug. 14, 2014, Aug. 14, 2015, Aug. 14, 2016, Aug. 14, 2021, Aug. 14, 2026, Aug. 2028 and Aug. 14, 2030.
RBC Capital Markets, LLC is the underwriter.
The notes are expected to settle on Aug. 14.
The Cusip number is 78008SVZ6.
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