New Issue: RBS prices $5 million callable fixed-rate step-up notes with 2.75% initial rate

By Marisa Wong

Madison, Wis., Nov. 27 - Royal Bank of Scotland Group plc priced $5 million of callable fixed-rate step-up notes due Nov. 30, 2020, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon is initially 2.75%. It will step up to 3.5% on Nov. 30, 2016, to 4.25% on Nov. 30, 2018 and to 5% on Nov. 30, 2019. Interest is payable monthly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning Nov. 30, 2014.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland Group plc
Issue:	Callable fixed-rate step-up notes
Amount:	$5 million
Maturity:	Nov. 30, 2020
Coupon:	Initially 2.75%, stepping up to 3.5% on Nov. 30, 2016, to 4.25% on Nov. 30, 2018 and to 5% on Nov. 30, 2019; payable monthly
Price:	Par
Call option:	At par on any interest payment date beginning Nov. 30, 2014
Payout at maturity:	Par
Pricing date:	Nov. 27
Settlement date:	Nov. 30
Agent:	RBS Securities Inc.
Fees:	1.75%
Cusip:	78011PAJ6

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