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RBC to price redeemable step-up notes due 2028 with 2.75% initial rate
By Angela McDaniels
Tacoma, Wash., May 6 - Royal Bank of Canada plans to price redeemable step-up notes due May 17, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.75% in years one through six, 3.25% in years seven through 11 and 4.25% in years12 through 15.Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on May 17, 2014, May 17, 2019 and May 17, 2024.
RBC Capital Markets, LLC is the underwriter.
The notes are expected to settle May 17.
The Cusip number is 78008SWC6.
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