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RBC plans 10-year redeemable step-up notes with 2.35% initial rate
By Sarah Lizee
Olympia, Wash., Sept. 25 – Royal Bank of Canada plans to price redeemable step-up notes due Sept. 30, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.35% for the first four years, stepping up to 2.5% for years four through seven and to 2.75% for the final years. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable in whole but not in part on Sept. 30, 2020 and on any semiannual interest payment date after that date.
RBC Capital Markets, LLC is the underwriter.
The notes (Cusip: 78014RBD1) will price Sept. 26.
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