By Marisa Wong
Morgantown, W.Va., July 20 – Royal Bank of Canada priced $23.4 million of redeemable step-up notes due July 22, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% for the first five years, stepping up to 3% for years six through nine and to 4% 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 July 22, 2021 and July 22, 2025.
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: | $23.4 million
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| Maturity: | July 22, 2026
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| Coupon: | 2% for the first five years, stepping up to 3% for years six through nine and to 4% for year 10; payable semiannually
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| Price: | Varying prices
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| Payout at maturity: | Par
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| Call option: | At par on July 22, 2021 and July 22, 2025
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| Pricing date: | July 19
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| Settlement date: | July 22
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| Underwriter: | RBC Capital Markets, LLC
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| Cusip: | 78012KNB9
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