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RBS plans callable step-up fixed-rate notes with a 4.5% initial rate
By Toni Weeks
San Diego, March 22 - Royal Bank of Scotland NV plans to price callable step-up fixed-rate notes due March 31, 2019, according to an FWP filing with the Securities and Exchange Commission.
The coupon is initially 4.5%. It will step up to 5% on March 31, 2015 and to 6% on March 31, 2018. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date.
The notes (Cusip: 78009KRZ7) are expected to price on March 28 and settle on March 31.
RBS Securities Inc. is the agent.
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