RBS plans callable step-up fixed-rate notes with a 5% initial rate

By Toni Weeks

San Diego, March 23 - Royal Bank of Scotland NV plans to price callable step-up fixed-rate notes due April 15, 2026, according to an FWP with the Securities and Exchange Commission.

The coupon is initially 5%. It will step up to 6% on April 15, 2016 and to 7% on April 15, 2021. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after one year.

The notes (Cusip: 78009KSA1) are expected to price April 12 and settle April 15.

RBS Securities Inc. is the agent.

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