By Sarah Lizee
Olympia, Wash., Dec. 4 – Royal Bank of Canada priced $3.4 million of redeemable step-up notes due May 26, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% in years one and two, 2.25% in year three and 2.5% onwards. 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 May 26, 2020.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Redeemable step-up notes
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| Amount: | $3.4 million
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| Maturity: | May 26, 2023
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| Coupon: | 2% in years one and two, 2.25% in year three and 2.5% onwards; payable semiannually
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| Price: | Varying prices
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| Payout at maturity: | Par
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| Call option: | At par on each semiannual interest payment date starting on May 26, 2020
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 26
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| Underwriter: | RBC Capital Markets, LLC
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| Cusip: | 78014RBS8
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