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RBS plans callable step-up fixed-rate notes with a 4.5% initial rate
By Toni Weeks
San Diego, March 4 - Royal Bank of Scotland NV plans to price callable step-up fixed-rate notes due March 22, 2018, according to an FWP with the Securities and Exchange Commission.
The coupon is initially 4.5%. It will step up to 5% on March 22, 2015 and to 7% on March 22, 2017. Interest is payable semiannually.
The payout at maturity will be par.
Beginning Sept. 22, 2011, the notes will be callable at par on any interest payment date.
The notes (Cusip: 78009KRM6) are expected to price on March 17 and settle on March 22.
RBS Securities Inc. is the agent.
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