By Marisa Wong
Madison, Wis., March 13 – Royal Bank of Canada priced $2 million of redeemable step-up notes due March 17, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.25% for the first five years, stepping up to 4% for years six through 10. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable in whole on March 17, 2020.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable step-up notes
|
| Amount: | $2 million
|
| Maturity: | March 17, 2025
|
| Coupon: | 2.25% for first five years, stepping up to 4% for years six through 10; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | On March 17, 2020
|
| Pricing date: | March 12
|
| Settlement date: | March 17
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.25%
|
| Cusip: | 78012KAK3
|
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