By Sarah Lizee
Olympia, Wash., Jan. 29 – Royal Bank of Canada priced $3.1 million of redeemable step-up notes due Jan. 29, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.75% for the first five years, stepping up to 3% for year six and to 4.5% for year seven. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par in whole on Jan. 29, 2023 or Jan. 24, 2024.
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: | $3.1 million
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| Maturity: | Jan. 29, 2025
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| Coupon: | 2.75% for the first five years, stepping up to 3% for year six and to 4.5% for year seven; payable semiannually
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| Price: | Variable
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| Payout at maturity: | Par
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| Call option: | At par in whole on Jan. 29, 2023 and Jan. 24, 2024
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 29
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 0.75%
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| Cusip: | 78013XED6
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