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RBC plans 3% fixed-rate redeemable step-up notes with 15-year maturity
By Susanna Moon
Chicago, Nov. 17 - Royal Bank of Canada plans to price redeemable step-up notes due Nov. 26, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first four years. After that, the rate will be 4.25% until Nov. 25, 2020 and then 5.5% until maturity. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on Nov. 26, 2015 and Nov. 26, 2020.
The notes (Cusip 78008KTH6) will settle on Nov. 26.
RBC Capital Markets Corp. is the underwriter.
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