By Wendy Van Sickle
Columbus, Ohio, Dec. 22 – Royal Bank of Canada priced $1 million of redeemable step-up notes due Dec. 23, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.625% in years one through five and 4% in years six through 10. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable in whole but not in part on Dec. 23, 2021.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Redeemable step-up notes
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Amount: | $1 million
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Maturity: | Dec. 23, 2026
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Coupon: | 2.625% in years one through five and 4% in years six through 10; payable semiannually
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Price: | Varying prices
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Payout at maturity: | Par
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Call option: | In whole but not in part on Dec. 23, 2021
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Pricing date: | Dec. 20
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Settlement date: | Dec. 23
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Underwriter: | RBC Capital Markets, LLC
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Cusip: | 78012KSD0
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