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RBC to price 10-year redeemable step-up notes with 3% initial coupon
By Angela McDaniels
Tacoma, Wash., April 29 - Royal Bank of Canada plans to price redeemable step-up notes due May 18, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% in years one through five, 4% in years six through eight, 5% in year nine and 7% in year 10. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning May 18, 2016, the notes will be callable at par on any interest payment date.
The notes (Cusip: 78008TAU8) are expected to settle May 18.
RBC Capital Markets, LLC is the underwriter.
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