By Sarah Lizee
Olympia, Wash., July 12 – Royal Bank of Canada priced $13.75 million of redeemable step-up notes due July 15, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3% initially, stepping up to 3.25% in years seven through nine, to 4.5% in years 10 through 11 and to 5% in year 12. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable in whole at par on each interest payment date, starting Jan. 15, 2020.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Redeemable step-up notes
|
| Amount: | $13.75 million
|
| Maturity: | July 15, 2031
|
| Coupon: | 3% initially, stepping up to 3.25% in years seven through nine, to 4.5% in years 10 through 11 and to 5% in year 12; payable semiannually
|
| Price: | Varying prices
|
| Payout at maturity: | Par
|
| Call option: | At par in whole on each interest payment date, starting Jan. 15, 2020
|
| Pricing date: | July 11
|
| Settlement date: | July 15
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 0.55%
|
| Cusip: | 78014RAX8
|
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