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RBC to price redeemable step-up notes due 2031 with 3% initial rate
By Sarah Lizee
Olympia, Wash., July 2 – Royal Bank of Canada plans to price redeemable step-up notes due July 15, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3% in years one through six, 3.25% in years seven through nine, 4.5% in years 10 through 11, and 5% in year 12. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable in whole at par on July 15, 2021 and any interest payment date after that.
RBC Capital Markets, LLC is the underwriter.
The notes will price on July 11.
The Cusip number is 78014RAX8.
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