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RBC plans 25-year redeemable step-up notes with 3.03% initial rate
By Susanna Moon
Chicago, Dec. 10 – Royal Bank of Canada plans to price redeemable step-up notes due Dec. 21, 2040, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.03% for the first five years, stepping up to 4% for years six through 10, to 5.05% for years 11 through 15, to 6% for years 16 through 20 and to 6.5% after that. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable on Dec. 21, 2020, Dec. 21, 2025, Dec. 21, 2030 or Dec. 21, 2035.
RBC Capital Markets, LLC is the underwriter.
The notes will price on Dec. 16 and settle on Dec. 21.
The Cusip number is 78012KHJ9.
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