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RBC plans redeemable step-up notes due 2022 with 2.25% initial rate
By Jennifer Chiou
New York, July 8 – Royal Bank of Canada plans to price redeemable step-up notes due July 22, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.25% during the first five years, stepping up to 3.5% in year six, to 4.5% in year seven and to 5.5% in year eight. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on July 22, 2019.
The notes (Cusip: 78010UWD5) are expected to settle on July 22.
RBC Capital Markets, LLC is the underwriter.
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