New Issue: RBC sells $8.23 million redeemable step-up notes with 1.5% start rate

By Sarah Lizee

Olympia, Wash., April 3 – Royal Bank of Canada priced $8.23 million of redeemable step-up notes due March 27, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The annual interest rate is 1.5% in years one and two, 1.75% in year three, 2% in year four and 2.5% in year five. Interest is payable semiannually.

The payout at maturity will be par.

Beginning March 27, 2022, the notes will be callable at par on any interest payment date.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$8,225,000
Maturity:	March 27, 2025
Coupon:	1.5% in years one and two, 1.75% in year three, 2% in year four and 2.5% in year five; payable semiannually
Price:	Varying prices
Payout at maturity:	Par
Call option:	Beginning March 27, 2022, at par on any interest payment date
Pricing date:	March 25
Settlement date:	March 27
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at prices between 99 and 99.75
Cusip:	78014RCN8

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