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RBC to price five-year redeemable step-up notes with 2.4% initial rate
By Marisa Wong
Morgantown, W.Va., Oct. 14 – Royal Bank of Canada plans to price redeemable step-up notes due Oct. 30, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.4% for the first five years, stepping up to 4% for years six through 10. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable on Oct. 30, 2020.
RBC Capital Markets, LLC is the underwriter.
The notes will price Oct. 27 and settle Oct. 30.
The Cusip number is 78012KFM4.
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