New Issue: RBC prices $1.8 million redeemable step-up notes with 3.75% initial rate

By Susanna Moon

Chicago, Aug. 13 - Royal Bank of Canada priced $1.8 million of redeemable step-up notes due Aug. 14, 2031, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at 3.75% for the first eight years, stepping up to 4% for years nine through 13, to 5% for years 14 and 15, to 6% for years 16 and 17 and to 7.5% for the final year. Interest is payable semiannually.

The payout at maturity will be par.

The notes are callable on Aug. 14, 2014, Aug. 14, 2015, Aug. 14, 2016, Aug. 14, 2021, Aug. 14, 2026, Aug. 2028 and Aug. 14, 2030.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$1.8 million
Maturity:	Aug. 14, 2031
Coupon:	3.75% initially, stepping up to 4% for years nine through 13, to 5% for years 14 and 15, to 6% for years 16 and 17 and to 7.5% after that; payable semiannually
Price:	Variable
Payout at maturity:	Par
Call option:	On Aug. 14, 2014, Aug. 14, 2015, Aug. 14, 2016, Aug. 14, 2021, Aug. 14, 2026, Aug. 2028 or Aug. 14, 2030
Pricing date:	Aug. 12
Settlement date:	Aug. 14
Underwriter:	RBC Capital Markets, LLC
Fees:	2% to 2.25%
Cusip:	78008SVZ6

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.