RBS to price eight-year callable step-up notes with 2.75% initial rate

By Toni Weeks

San Diego, Nov. 15 - Royal Bank of Scotland Group plc plans to price callable fixed-rate step-up notes due Nov. 30, 2020, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon is initially 2.75%. It will step up to 3.5% on Nov. 30, 2016, to 4.25% on Nov. 30, 2018 and to 5% on Nov. 30, 2019. Interest is payable monthly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning Nov. 30, 2014.

The notes (Cusip: 78011PAJ6) are expected to price Nov. 27 and settle Nov. 30.

RBS Securities Inc. is the agent.

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