By Angela McDaniels
Tacoma, Wash., July 25 – Royal Bank of Canada priced $6.5 million of redeemable step-up notes due July 28, 2017, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 0.8% in years one and two and 2.15% in year three. Interest is payable semiannually.
The payout at maturity will be par.
The notes are callable on July 28, 2016 and annually thereafter.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable step-up notes
|
| Amount: | $6.5 million
|
| Maturity: | July 28, 2017
|
| Coupon: | 0.8% in years one and two and 2.15% in year three; payable semiannually
|
| Price: | Varying prices
|
| Payout at maturity: | Par
|
| Call option: | On July 28, 2016 and annually thereafter
|
| Pricing date: | July 23
|
| Settlement date: | July 28
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | Underwriter will purchase notes at price between 99.75 and 99.8
|
| Cusip: | 78010UWG8
|
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