By Angela McDaniels
Tacoma, Wash., Dec. 16 - Royal Bank of Canada priced $7.25 million of redeemable step-up notes due Dec. 18, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% in years one through five, 4% in years six through 10 and 5% in years 11 through 13. Interest is payable semiannually.
The payout at maturity will be par.
The notes are callable on Dec. 18, 2018 and Dec. 18, 2023.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable step-up notes
|
| Amount: | $7.25 million
|
| Maturity: | Dec. 18, 2026
|
| Coupon: | 3% in years one through five, 4% in years six through 10 and 5% in years 11 through 13; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | On Dec. 18, 2018 and Dec. 18, 2023
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 18
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2.9138%
|
| Cusip: | 78010UDF1
|
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