By Susanna Moon
Chicago, Feb. 14 - Royal Bank of Canada priced $3.5 million of redeemable step-up notes due Feb. 18, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first five years, stepping up to 4% for years six through 10 and to 5% for years 11 through 13. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on Feb. 18, 2019 and Feb. 18, 2024.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Redeemable step-up notes
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Amount: | $3.5 million
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Maturity: | Feb. 18, 2027
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Coupon: | 3% for five years, stepping up to 4% for years six through 10 and to 5% for years 11 through 13; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on Feb. 18, 2019 and Feb. 18, 2024
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Pricing date: | Feb. 12
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Settlement date: | Feb. 18
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.2%
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Cusip: | 78010UDT1
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