RBC to sell 10-year redeemable step-up notes with a 2.75% initial rate

By Devika Patel

Knoxville, Tenn., Dec. 29 – Royal Bank of Canada plans to price redeemable step-up notes due Jan. 26, 2026, according to a FWP filing with the Securities and Exchange Commission.

The interest rate will be 2.75% for the first three years, stepping up to 3% for years four through eight, to 4% for year 9 and to 5% for the final year. Interest will be payable semiannually starting on July 26, 2016.

The payout at maturity will be par.

The notes will be callable in whole but not in part on Jan. 26, 2019, Jan. 26, 2024 and Jan. 26, 2025.

RBC Capital Markets, LLC is the underwriter.

The notes (Cusip: 78012KHK6) will price Jan. 21 and settle Jan. 26.

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