New Issue: RBC prices $4.68 million redeemable step-up notes with 2.35% start rate

By Sarah Lizee

Olympia, Wash., Oct. 31 – Royal Bank of Canada priced $4.68 million of redeemable step-up notes due Oct. 29, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2.35% in years one through three, 2.5% in years four through six, 2.75% in year seven and 3% in year eight. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable in whole at par on each semiannual interest payment date starting on Oct. 29, 2021.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$4,681,000
Maturity:	Oct. 29, 2027
Coupon:	2.35% in years one through three, 2.5% in years four through six, 2.75% in year seven and 3% in year eight; payable semiannually
Price:	Varying prices
Payout at maturity:	Par
Call option:	At par on each semiannual interest payment date starting on Oct. 29, 2021
Pricing date:	Oct. 25
Settlement date:	Oct. 29
Underwriter:	RBC Capital Markets, LLC
Cusip:	78014RBG4

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