By Marisa Wong
Los Angeles, Feb. 5 – Royal Bank of Canada priced $7 million of redeemable step-up notes due July 31, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The annual interest rate is 2% in years one through 2.5, 2.1% in years 2.5 to three and 2.25% for years three to 3.5. Interest is payable semiannually.
The payout at maturity will be par.
Beginning Jan. 31, 2022, the notes will be callable at par on any interest payment date.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Redeemable step-up notes
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| Amount: | $7 million
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| Maturity: | July 31, 2023
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| Coupon: | 2% in years one through 2.5, 2.1% in years 2.5 to three and 2.25% for years three to 3.5; payable semiannually
|
| Price: | Varying prices
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| Payout at maturity: | Par
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| Call option: | Beginning Jan. 31, 2022, at par on any interest payment date
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| Pricing date: | Jan. 29
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| Settlement date: | Jan. 31
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | Underwriter purchased notes at prices between 99.6 and 99.9
|
| Cusip: | 78014RCB4
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