New Issue: RBC prices $2 million redeemable step-up notes with 3% initial rate

By Toni Weeks

San Diego, Dec. 29 - Royal Bank of Canada priced $2 million of redeemable step-up notes due Dec. 30, 2032, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 3% for the first six years, 4% in years seven through 11, 5% in years 12 through 16 and 7% after that. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on the first two interest payment dates and on Dec. 30, 2017, Dec. 30, 2022 and Dec. 30, 2027.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$2 million
Maturity:	Dec. 30, 2032
Coupon:	3% for first six years, 4% in years seven through 11, 5% in years 12 through 16 and 7% after that; payable semiannually.
Price:	Variable
Payout at maturity:	Par
Call option:	At par on June 30, 2012, Dec. 30, 2012, Dec. 30, 2017, Dec. 30, 2022 and Dec. 30, 2027
Pricing date:	Dec. 27
Settlement date:	Dec. 30
Underwriter:	RBC Capital Markets, LLC
Fees:	Variable
Cusip:	78008TC69

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