New Issue: RBC prices $2.91 million redeemable step-up notes with 3% initial rate

By Wendy Van Sickle

Columbus, Ohio, Nov. 25 – Royal Bank of Canada priced $2,912,000 of redeemable step-up notes due Nov. 30, 2028, according to a 424B2 filed with the Securities and Exchange Commission.

The interest rate will be 3% for the first five years, stepping up to 3.25% for years six through 10, to 4.5% for years 11 through 12 and to 6.5% for the final year. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par in whole but not in part on Nov. 30, 2020, Nov. 30, 2025 and Nov. 30, 2027.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$2,912,000
Maturity:	Nov. 30, 2028
Coupon:	3% in first five years, 3.25% in years six through 10; 4.5% in years 11 and 12 and 6.5% in final year; payable semiannually
Price:	Varying prices
Payout at maturity:	Par
Call option:	At par in whole but not in part on Nov. 30, 2020, Nov. 30, 2025 and Nov. 30, 2027
Pricing date:	Nov. 24
Settlement date:	Nov. 30
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter will buy notes at between 98.25 and 98.75
Cusip:	78012KHE0

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