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RBC plans 10-year redeemable step-up notes with 2.6% initial rate
By Sarah Lizee
Olympia, Wash., Oct. 28 – Royal Bank of Canada plans to price redeemable step-up notes due Oct. 31, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.6% in years through five, 2.85% in years six through eight and 3.1% in years nine and 10. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable in whole but not in part on April 30, 2020 and on any semiannual interest payment date after that date.
RBC Capital Markets, LLC is the underwriter.
The notes (Cusip: 78014RBM1) will price Oct. 29.
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