RBC plans to price redeemable step-up notes with 4% initial rate

By Toni Weeks

San Diego, May 26 - Royal Bank of Canada plans to price redeemable step-up notes due June 17, 2031, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4% for the first five years, 4.5% for years six through 10, 5.1% for years 11 through 15 and 6.25% for years 16 through 20. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on June 17, 2016, June 17, 2021 and June 17, 2026.

The notes (Cusip: 78008TAW4) are expected to price in June and settle June 17.

RBC Capital Markets, LLC is the agent.

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