RBS plans to price 10-year callable step-up notes with 3% initial rate

By Toni Weeks

San Diego, Sept. 5 - Royal Bank of Scotland Group plc plans to price callable fixed-rate step-up notes due Sept. 14, 2022, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon is initially 3%. It will step up to 4% on March 14, 2015, to 5% on Sept. 14, 2017, to 6% on Sept. 14, 2019 and to 8% on March 14, 2021. Interest is payable monthly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning Sept. 14, 2013.

The notes (Cusip: 78011PAE7) are expected to price Sept. 11 and settle Sept. 14.

RBS Securities Inc. is the agent.

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