New Issue: RBC sells $10 million redeemable step-up notes with 1% start rate

By Taylor Fox

New York, Feb. 22 – Royal Bank of Canada priced $10 million of redeemable step-up notes due Jan. 29, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

The annual interest rate is 1% in years one through five, stepping up to 1.1% in year six, then 1.2% in year seven and then 1.5% in year eight. Interest is payable semiannually.

The payout at maturity will be par.

Beginning Jan. 29, 2023, the notes will be callable at par on any interest payment date.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$10 million
Maturity:	Jan. 29, 2029
Coupon:	1% in years one through five, stepping up to 1.1% in year six, then 1.2% in year seven, then 1.5% in year eight; payable semiannually
Price:	Varying prices
Payout at maturity:	Par
Call option:	Beginning Jan. 29, 2023, at par on any interest payment date
Pricing date:	Jan. 27
Settlement date:	Jan. 29
Underwriter:	RBC Capital Markets, LLC
Fees:	Underwriter purchased notes at prices between 98.65 and 100
Cusip:	78014RDE7

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