Bond Canadian Imperial Bank 1.056% ( US78008SWL68 ) in USD

Issuer Canadian Imperial Bank
Market price 100 %  ⇌ 
Country  Canada
ISIN code  US78008SWL68 ( in USD )
Interest rate 1.056% per year ( payment 2 times a year)
Maturity 21/06/2023 - Bond has expired



Prospectus brochure of the bond Royal Bank of Canada US78008SWL68 in USD 1.056%, expired


Minimal amount 1 000 USD
Total amount 2 400 000 USD
Cusip 78008SWL6
Standard & Poor's ( S&P ) rating AA- ( High grade - Investment-grade )
Moody's rating Aa1 ( High grade - Investment-grade )
Detailed description The Royal Bank of Canada (RBC) is a Canadian multinational financial services company offering personal and commercial banking, wealth management, insurance, and investment banking services globally.

The Bond issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78008SWL68, pays a coupon of 1.056% per year.
The coupons are paid 2 times per year and the Bond maturity is 21/06/2023

The Bond issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78008SWL68, was rated Aa1 ( High grade - Investment-grade ) by Moody's credit rating agency.

The Bond issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78008SWL68, was rated AA- ( High grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







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424B2 1 w618131424b2.htm 10Y FTF W CAP JUNE 2013



RBC Capital Markets®
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-171806










Pricing Supplement


$2,400,000


Dated June 18, 2013
Fixed to Floating Rate Notes,

to the Product Prospectus Supplement FIN-1 Dated
Due June 21, 2023
January 28, 2011, Prospectus Dated January 18, 2011 and
Royal Bank of Canada
Prospectus Supplement Dated January 28, 2011





Royal Bank of Canada is offering the Fixed to Floating Rate Notes (the "Notes") described below.

The CUSIP number for the Notes is 78008SWL6.

The Notes wil pay interest quarterly, on the 21st day of March, June, September and December of each year, commencing on September 21, 2013
and ending on the Maturity Date. Interest wil accrue at the fol owing rates during the indicated years of the term of the Notes:


·
Year 1:
3.00%


·
Years 2-10:
3 Month USD LIBOR + 0.75%, subject to the applicable Coupon Cap

The Notes wil not be listed on any U.S. securities exchange.

Investing in the Notes involves a number of risks. See "Additional Risk Factors" beginning on page P-6 of this pricing supplement, and "Risk Factors"
beginning on page 1 of the prospectus supplement dated January 28, 2011 and "Additional Risk Factors Specific to the Notes" beginning on page
PS-5 of the product prospectus supplement FIN-1 dated January 28, 2011.

The Notes wil not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation (the
"FDIC") or any other Canadian or U.S. government agency or instrumentality.

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities or
determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

RBC Capital Markets, LLC has offered the Notes at varying public offering prices related to prevailing market prices, and wil purchase the Notes from
us on the Issue Date at purchase prices that wil be between 98.375% and 99.00% of the principal amount. See "Supplemental Plan of Distribution
(Conflicts of Interest)" on page P-6 below.

To the extent that the total aggregate principal amount of the Notes being offered by this pricing supplement is not purchased by investors in the
offering, one or more of our affiliates may purchase the unsold portion. However, our affiliates wil not purchase more than 15% of the principal
amount of the Notes.

We wil deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on June 21, 2013, against payment in
immediately available funds.

RBC Capital Markets, LLC

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SUMMARY

The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement, the product prospectus
supplement FIN-1, the prospectus supplement, and the prospectus.

Issuer:
Royal Bank of Canada ("Royal Bank")


Issue:
Senior Global Medium-Term Notes, Series E


Underwriter:
RBC Capital Markets, LLC


Currency:
U.S. Dollars


Minimum Investment:
$1,000 and minimum denominations of $1,000 in excess of $1,000


Pricing Date:
June 18, 2013


Issue Date:
June 21, 2013


Maturity Date:
June 21, 2023


CUSIP:
78008SWL6


Interest Rate:
Year 1:
3.00%




Years 2-10:
3 Month USD LIBOR + the Spread, subject to the applicable Coupon Cap. In no event wil the interest
rate be less than 0% per annum.
Spread:
0.75%


Reference Rate:
3 Month USD LIBOR, as reported on Reuters Page LIBOR01 or any successor page


Coupon Cap:
Years 2-5:
3.00%



Years
6-8:
4.00%



Years
9-10:
5.00%



Day Count Fraction:
30/360
Type of Note:
Fixed to Floating Rate Notes


Interest Payment
Quarterly, in arrears, on the 21st day of March, June, September and December of each year, commencing on
Dates:
September 21, 2013 and ending on the Maturity Date. If any Interest Payment Date is not a New York business day,
interest wil be paid on the next New York business day as further discussed on S-15 of the prospectus supplement,
without adjustment for period end dates and no additional interest wil be paid in respect of the postponement.


Interest Period:
Each period from and including an Interest Payment Date (or, for the first period, the Settlement Date) to but excluding
the next fol owing Interest Payment Date.


Interest Determination
The Reference Rate is set two London business days prior to the start of the Interest Period.
Dates During Floating
Rate Period:


Redemption:
Not applicable


Survivor's Option:
Applicable. See "General Terms of the Notes--Survivor's Option" beginning on page PS-17 of the product prospectus
supplement FIN-1 dated January 28, 2011.

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U.S. Tax Treatment:
We intend to take the position that the Notes wil be treated as variable rate debt instruments providing for stated interest

at a single fixed rate and a qualified floating rate for U.S. federal income tax purposes. Under this characterization,
based on rates in effect as of the date of this pricing supplement, we expect that the Notes wil be issued with no more
than de minimis OID. Please see the discussion in this pricing supplement under "Supplemental Discussion of U.S.
Federal Income Tax Consequences," the discussion in the accompanying product prospectus supplement FIN-1 dated
January 28, 2011 under the section entitled "Supplemental Discussion of U.S. Federal Income Tax Consequences," and
the accompanying prospectus dated January 28, 2011 under the section entitled "Tax Consequences--United States
Taxation" and specifically the discussion in the accompanying prospectus under the section entitled "Tax Consequences
--United States Taxation--Original Issue Discount--Variable Rate Debt Securities."


Calculation Agent:
RBC Capital Markets, LLC


Listing:
The Notes wil not be listed on any securities exchange.


Clearance and
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under
Settlement:
"Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus dated January 28, 2011).


Terms Incorporated in
Al of the terms appearing above the item captioned "Listing" on pages P-2 and P-3 of this pricing supplement and the
the Master Note:
applicable terms appearing under the caption "General Terms of the Notes" in the product prospectus supplement FIN-1
dated January 28, 2011, as modified by this pricing supplement.

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ADDITIONAL TERMS OF YOUR NOTES

You should read this pricing supplement together with the prospectus dated January 28, 2011, as supplemented by the prospectus supplement dated
January 28, 2011 and the product prospectus supplement FIN-1 dated January 28, 2011, relating to our Senior Global Medium-Term Notes, Series E, of
which these Notes are a part. Capitalized terms used but not defined in this pricing supplement wil have the meanings given to them in the product
prospectus supplement FIN-1. In the event of any conflict, this pricing supplement wil control. The Notes vary from the terms described in the product
prospectus supplement FIN-1 in several important ways. You should read this pricing supplement carefully.

This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or contemporaneous oral
statements as wel as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for
implementation, sample structures, brochures or other educational materials of ours. You should careful y consider, among other things, the matters set
forth in "Risk Factors" in the prospectus supplement dated January 28, 2011, "Additional Risk Factors Specific to the Notes" in the product prospectus
supplement FIN-1 dated January 28, 2011 and "Additional Risk Factors" in this pricing supplement, as the Notes involve risks not associated with
conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes. You may
access these documents on the SEC website at www.sec.gov as fol ows (or if that address has changed, by reviewing our filings for the relevant date on
the SEC website):

Prospectus dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000309/f127115424b3.htm

Prospectus Supplement dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000311/m127114424b3.htm
Product Prospectus Supplement FIN-1 dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000316/m127115424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, the "Company," "we," "us," or "our" refers to Royal
Bank of Canada.

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HISTORICAL INFORMATION

Historical y, the Reference Rate has experienced significant fluctuations. Any historical upward or downward trend in the level of the Reference Rate
during any period shown below is not an indication that the interest payable on the Notes is more or less likely to increase or decrease at any time during
the floating rate period.

The Reference Rate was 0. 27225% on June 18, 2013. The graph below sets forth the historical performance of the Reference Rate from June 18, 2008
through June 18, 2013.


Source: Bloomberg L.P.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

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ADDITIONAL RISK FACTORS

The Notes involve risks not associated with an investment in ordinary floating rate notes. This section describes the most significant risks relating to the
terms of the Notes. For additional information as to the risks related to an investment in the Notes, please see the accompanying product prospectus
supplement, prospectus supplement and prospectus. You should careful y consider whether the Notes are suited to your particular circumstances before
you decide to purchase them. Accordingly, prospective investors should consult their financial and legal advisors as to the risks entailed by an investment
in the Notes and the suitability of the Notes in light of their particular circumstances.

The Amount of Interest Payable on the Notes Is Capped. The interest rate on the Notes for each quarterly interest period during the floating interest
rate period is capped for that period at the applicable maximum interest rate set forth above.

Investors Are Subject to Our Credit Risk, and Our Credit Ratings and Credit Spreads May Adversely Affect the Market Value of the Notes.
Investors are dependent on Royal Bank's ability to pay al amounts due on the Notes on interest payment dates and at maturity, and, therefore, investors
are subject to the credit risk of Royal Bank and to changes in the market's view of Royal Bank's creditworthiness. Any decrease in Royal Bank's credit
ratings or increase in the credit spreads charged by the market for taking Royal Bank's credit risk is likely to adversely affect the market value of the
Notes.

SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)

Delivery of the Notes wil be made against payment for the Notes on June 21, 2013, which is the third (3rd) business day fol owing the Pricing Date (this
settlement cycle being referred to as "T+3"). See "Plan of Distribution" in the prospectus supplement dated January 28, 2011. For additional information
as to the relationship between us and RBC Capital Markets, LLC, please see the section "Plan of Distribution--Conflicts of Interest" in the prospectus
dated January 28, 2011.

After the initial offering of the Notes, the price to the public may change. To the extent that the total aggregate principal amount of the Notes being offered
by this pricing supplement is not purchased by investors in the offering, one or more of our affiliates may purchase the unsold portion. However, our
affiliates wil not purchase more than 15% of the principal amount of the Notes. Sales of these Notes by our affiliates could reduce the market price and
the liquidity of the Notes that you purchase.

We may use this pricing supplement in the initial sale of the Notes. In addition, RBC Capital Markets, LLC or another of our affiliates may use this pricing
supplement in a market-making transaction in the Notes after their initial sale. Unless we or our agent informs the purchaser otherwise in the
confirmation of sale, this pricing supplement is being used in a market-making transaction.

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SUPPLEMENTAL DISCUSSION OF
U.S. FEDERAL INCOME TAX CONSEQUENCES

The fol owing disclosure supplements the discussion in the product prospectus supplement dated January 28, 2011 under "Supplemental Discussion of
U.S. Federal Income Tax Consequences."

Foreign Account Tax Compliance Act. The Internal Revenue Service has issued notices and the Treasury Department has issued final regulations affecting
the legislation enacted on March 18, 2010 and discussed in the product prospectus supplement dated January 28, 2011 under "Supplemental Discussion
of U.S. Federal Income Tax Consequences--Supplemental U.S. Tax Considerations--Legislation Affecting Taxation of Notes Held By or Through Foreign
Entities." Pursuant to the final regulations, withholding requirements with respect to payments made on the Notes wil general y begin no earlier than
January 1, 2014, and the withholding tax wil not be imposed on payments pursuant to obligations outstanding on January 1, 2014. Account holders
subject to information reporting requirements pursuant to the legislation may include holders of the Notes. Holders are urged to consult their own tax
advisors regarding the implications of this legislation and subsequent guidance on their investment in the Notes.

VALIDITY OF THE NOTES

In the opinion of Norton Rose Fulbright Canada LLP, the issue and sale of the Notes has been duly authorized by all necessary corporate action of the Bank
in conformity with the Indenture, and when the Notes have been duly executed, authenticated and issued in accordance with the Indenture, the Notes wil be
validly issued and, to the extent validity of the Notes is a matter governed by the laws of the Province of Ontario or Québec, or the laws of Canada
applicable therein, and wil be valid obligations of the Bank, subject to applicable bankruptcy, insolvency and other laws of general application affecting
creditors' rights, equitable principles, and subject to limitations as to the currency in which judgments in Canada may be rendered, as prescribed by the
Currency Act (Canada). This opinion is given as of the date hereof and is limited to the laws of the Provinces of Ontario and Quebec and the federal laws
Canada applicable thereto. In addition, this opinion is subject to customary assumptions about the Trustee's authorization, execution and delivery of the
Indenture and the genuineness of signatures and certain factual matters, al as stated in the letter of such counsel dated March 6, 2012, which has been file
as Exhibit 5.1 to Royal Bank's Form 6-K filed with the SEC on March 6, 2012.

In the opinion of Morrison & Foerster LLP, when the Notes have been duly completed in accordance with the Indenture and issued and sold as
contemplated by the prospectus supplement and the prospectus, the Notes wil be valid, binding and enforceable obligations of Royal Bank, entitled to the
benefits of the Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness
and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith). This opinion is
given as of the date hereof and is limited to the laws of the State of New York. This opinion is subject to customary assumptions about the Trustee's
authorization, execution and delivery of the Indenture and the genuineness of signatures and to such counsel's reliance on the Bank and other sources as
to certain factual matters, all as stated in the legal opinion dated March 6, 2012, which has been filed as Exhibit 5.2 to the Bank's Form 6-K dated March
6, 2012.

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