RBC plans 12-year redeemable step-up notes with 3% initial rate

By Jennifer Chiou

New York, April 12 - Royal Bank of Canada plans to price redeemable step-up notes due April 28, 2023, according to a 424B2 with the Securities and Exchange Commission.

The coupon will be 3% the first three years, 4% for years four through six, 5% for years seven through nine and 6% for years 10 to through 12. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable in whole at par on the 28th of April in 2012, 2013, 2014, 2017 and 2020.

The notes (Cusip: 78008K5U3) are expected to price in April and settle on April 28.

RBC Capital Markets, LLC is the agent.

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