By Devika Patel
Knoxville, Tenn., April 17 – Royal Bank of Canada priced $9 million of redeemable step-up notes due April 21, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.1% for the first five years, stepping up to 4.05% for years six through 10. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable in whole only on April 21, 2020.
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: | $9 million
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| Maturity: | April 21, 2025
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| Coupon: | 2.1% for first five years, stepping up to 4.05% for years six through 10
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | In whole only on April 21, 2020
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| Pricing date: | April 16
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| Settlement date: | April 21
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 0.85% to 1.125%
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| Cusip: | 78012KCY1
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