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RBC plans 10-year redeemable step-up notes with 2.75% initial rate
By Susanna Moon
Chicago, April 18 – Royal Bank of Canada plans to price redeemable step-up notes due April 28, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.75% for the first five years, stepping up to 3% for years six to nine and to 4.5% for year 10. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on April 28, 2022 or April 28, 2026.
RBC Capital Markets, LLC is the underwriter.
The notes will price on April 25 and settle on April 28.
The Cusip number is 78012KXD4.
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