By Susanna Moon
Chicago, April 27 – Royal Bank of Canada priced $1.25 million of redeemable step-up notes due April 28, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.75% for the first five years, stepping up to 3% for years six through nine and to 4.5% for year 10. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable in whole but not in part on April 28, 2022 or April 28, 2026.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Redeemable step-up notes
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| Amount: | $1.25 million
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| Maturity: | April 28, 2027
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| Coupon: | 2.75% initially, stepping up to 3% for years six through nine and to 4.5% for year 10; payable semiannually
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| Price: | Varying
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| Payout at maturity: | Par
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| Call option: | At par on April 28, 2022 or April 28, 2026
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| Pricing date: | April 25
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| Settlement date: | April 28
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | None to 0.75%
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| Cusip: | 78012KXD4
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