New Issue: RBC prices $10.3 million redeemable step-up notes with 3% initial rate

By Jennifer Chiou

New York, Feb. 18 – Royal Bank of Canada priced $10.3 million of redeemable step-up notes due Feb. 19, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% for the first 10 years, stepping up to 3.5% for years 11 through 13, to 4.25% for year 14 and to 5% for year 15. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on Feb. 19, 2020, Feb. 19, 2025, Feb. 19, 2028 and Feb. 19, 2029.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$10.3 million
Maturity:	Feb. 19, 2030
Coupon:	3% initially, stepping up to 3.5% for years 11 through 13, to 4.25% for year 14 and to 5% for year 15; payable semiannually
Price:	Variable
Payout at maturity:	Par
Call option:	At par on Feb. 19, 2020, Feb. 19, 2025, Feb. 19, 2028 and Feb. 19, 2029
Pricing date:	Feb. 17
Settlement date:	Feb. 19
Underwriter:	RBC Capital Markets, LLC
Fees:	Up to 1.5%
Cusip:	78012KAH0

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