By Susanna Moon
Chicago, May 9 - Royal Bank of Canada priced $3 million of redeemable step-up notes due May 13, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.25% for the first five years, stepping up to 4.5% after that. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on May 13, 2019.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable step-up notes
|
| Amount: | $3 million
|
| Maturity: | May 13, 2022
|
| Coupon: | 2.25% for the first five years, stepping up to 4.5% after that; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on May 13, 2019
|
| Pricing date: | May 8
|
| Settlement date: | May 13
|
| Agent: | RBC Capital Markets, LLC
|
| Cusip: | 78010UVQ7
|
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