New Issue: RBC prices $840,000 redeemable step-up notes with 1% initial rate

By Susanna Moon

Chicago, Oct. 5 - Royal Bank of Canada priced $840,000 of redeemable step-up notes due Oct. 10, 2019, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 1% for the first year, stepping up to 1.25% in the second year and to 2.05% after that. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on Oct. 10, 2013 and Oct. 10, 2014.

RBC Capital Markets, LLC will be the agent.

Issuer:	Royal Bank of Canada
Issue:	Redeemable step-up notes
Amount:	$840,000
Maturity:	Oct. 10, 2019
Coupon:	1% initially, stepping up to 1.25% in year two and to 2.05% for years three through seven; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on Oct. 10, 2013 and Oct. 10, 2014
Pricing date:	Oct. 4
Settlement date:	Oct. 10
Underwriter:	RBC Capital Markets, LLC
Fees:	0.5%
Cusip:	78008SLA2

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