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RBC plans five-year redeemable step-up notes with 2.25% initial rate
By Susanna Moon
Chicago, Oct. 12 – Royal Bank of Canada plans to price redeemable step-up notes due Oct. 25, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.25% for the first three years, stepping up to 2.5% on Oct. 25, 2020, to 3% on Oct. 25, 2021 and to 4% on April 25, 2022. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning April 25, 2018.
RBC Capital Markets, LLC is the underwriter.
The notes will price on Oct. 23.
The Cusip number is 06367TK66.
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