New Issue: RBC prices $1.3 million redeemable step-up notes with 2% initial rate

By Susanna Moon

Chicago, Oct. 29 - Royal Bank of Canada priced $1.3 million of redeemable step-up notes due Oct. 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 2% for the first two years, stepping up to 2.375% in year three and to 3.55% in year eight. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable in whole at par on April 30, 2013, Oct. 30, 2013, April 30, 2014, Oct. 30, 2014, and Oct. 30, 2019.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$1.3 million
Maturity:	Oct. 30, 2024
Coupon:	2% initially, stepping up 2.375% for years three through seven and to 3.55% after that; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on April 30, 2013, Oct. 30, 2013, April 30, 2014, Oct. 30, 2014, and Oct. 30, 2019
Pricing date:	Oct. 25
Settlement date:	Oct. 30
Underwriter:	RBC Capital Markets, LLC
Fees:	1% to 1.325%
Cusip:	78008SLC8

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