New Issue: RBC prices $3 million redeemable step-up notes with 2% initial rate

By Jennifer Chiou

New York, Nov. 29 - Royal Bank of Canada priced $3 million of redeemable step-up notes due Nov. 30, 2017, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 2% for the first two years. After that, the rate will be 2.25% for year three, 2.5% for year four, 3% for year five, 3.5% for year six and 4.3% for year seven. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable in whole at par on any interest payment date beginning on May 30, 2011.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$3 million
Maturity:	Nov. 30, 2017
Coupon:	2% for the first two years, 2.25% for year three, 2.5% for year four, 3% for year five, 3.5% for year six and 4.3% for year seven; payable semiannually
Price:	Par
Call option:	In whole at par on any interest payment date beginning on May 30, 2011
Payout at maturity:	Par
Pricing date:	Nov. 24
Settlement date:	Nov. 30
Agent:	RBC Capital Markets Corp.
Cusip:	78008KTP8

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