New Issue: RBS prices $8 million 10-year callable step-up notes with 3% start rate

By Susanna Moon

Chicago, Sept. 11 - Royal Bank of Scotland Group plc priced $8 million of callable fixed-rate step-up notes due Sept. 14, 2022, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon is 3% initially, stepping 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 after one year.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland Group plc
Issue:	Callable fixed-rate step-up notes
Amount:	$8 million
Maturity:	Sept. 14, 2022
Coupon:	3% initially, stepping 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; payable monthly
Price:	Par
Call option:	At par on any interest payment date beginning Sept. 14, 2013
Payout at maturity:	Par
Pricing date:	Sept. 11
Settlement date:	Sept. 14
Agent:	Barclays Capital Inc.
Fees:	2.594%
Cusip:	78011PAE7

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