New Issue: RBC prices $5 million redeemable step-up notes with 2% initial rate

By Marisa Wong

Madison, Wis., Jan. 15 - Royal Bank of Canada priced $5 million of redeemable step-up notes due Jan. 17, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 2% initially, stepping up to 2.5% in year four and to 3.5% in year 10.

The payout at maturity will be par.

The notes will be callable in whole at par on Jan. 17, 2014, Jan. 17, 2015, Jan. 17, 2016 and Jan. 17, 2022.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$5 million
Maturity:	Jan. 17, 2025
Coupon:	2% initially, stepping up to 2.5% in year four and to 3.5% in year 10; payable semiannually
Price:	Variable
Payout at maturity:	Par
Call option:	At par on Jan. 17, 2014, Jan. 17, 2015, Jan. 17, 2016 and Jan. 17, 2022
Pricing date:	Jan. 14
Settlement date:	Jan. 17
Underwriter:	RBC Capital Markets, LLC
Fees:	2.25% to 2.4%
Cusip:	78008SLN4

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.