Bond Canadian Imperial Bank 2.3% ( US78012KDB08 ) in USD

Issuer Canadian Imperial Bank
Market price refresh price now   100 %  ⇌ 
Country  Canada
ISIN code  US78012KDB08 ( in USD )
Interest rate 2.3% per year ( payment 2 times a year)
Maturity 21/05/2028



Prospectus brochure of the bond Royal Bank of Canada US78012KDB08 en USD 2.3%, maturity 21/05/2028


Minimal amount 1 000 USD
Total amount 3 000 000 USD
Cusip 78012KDB0
Standard & Poor's ( S&P ) rating AA- ( High grade - Investment-grade )
Moody's rating N/A
Next Coupon 21/11/2025 ( In 24 days )
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 US78012KDB08, pays a coupon of 2.3% per year.
The coupons are paid 2 times per year and the Bond maturity is 21/05/2028
The Bond issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78012KDB08, was rated AA- ( High grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







j519150424b2.htm
424B2 1 j519150424b2.htm STEP UP MAY 13NC5Y






RBC Ca pit a l M a rk e t s®
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 0 3 4 3 3











Pricing Supplement




$3,000,000
Dated May 18, 2015

to the Product Prospectus Supplement FIN-1,
Redeemable Step Up Notes,
Prospectus
Supplement and Prospectus, each dated April 30,
Due May 21, 2028
2015
Royal Bank of Canada






Royal Bank of Canada is offering the Redeemable Step Up Notes (the "Notes") described below.

The CUSIP number for the Notes is 78012KDB0.

The Notes will accrue interest at the following rates during the indicated year of their term:

·
Years 1-5:
2.30% per annum

·
Years 6-10:
3.00% per annum

·
Years 11-12:
5.00% per annum

·
Year 13:
7.00% per annum

We will pay interest on the Notes on May 21 and November 21 of each year (each an "Interest Payment Date"), commencing on
November 21, 2015.

We may call the Notes in whole, but not in part, on May 21, 2020, May 21, 2025 and May 21, 2027, upon 10 business days' prior
written notice. Any payments on the Notes are subject to our credit risk.

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

Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page S-1 of the prospectus supplement dated April
30, 2015, "Additional Risk Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement FIN-1 dated
April 30, 2015 and "Additional Risk Factors" on page P-5 of this pricing supplement.

The Notes will 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 a public offering price equal to the principal amount, and will purchase the Notes
from us on the Issue Date at a purchase price that will be 97.75% of the principal amount. See "Supplemental Plan of Distribution
(Conflicts of Interest)" on page P-5 below.

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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 will not purchase more
than 15% of the principal amount of the Notes.

We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on May 21, 2015, against
payment in immediately available funds.

RBC Capital Markets, LLC










Redeemable Step Up Notes,
Due May 21, 2028




SU M M ARY

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 G


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:
May 18, 2015


Issue Date:
May 21, 2015


Maturity Date:
May 21, 2028


CUSIP:
78012KDB0


Type of Note:
Step Up Note


Interest Rate:
Years 1-5: 2.30% per annum

Years 6-10: 3.00% per annum

Years 11-12: 5.00% per annum

Year 13: 7.00% per annum


Interest Payment Dates:
Semi-annually, on May 21 and November 21 of each year, commencing on November 21, 2015. If an Interest
Payment Date is not a New York business day, interest shall be paid on the next New York business day, without
adjustment for period end dates and no interest shall be paid in respect of the delay.


Redemption:
Redeemable at our option.


Call Dates:
The Notes are callable, in whole, but not in part, on May 21, 2020, May 21, 2025 and May 21, 2027, upon 10 business
days' prior written notice.


Survivor's Option:
Applicable. See "General Terms of the Notes--Survivor's Option" beginning on page PS-17 of the product prospectus
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supplement FIN-1 dated April 30, 2015.


U.S. Tax Treatment:
Please see the discussion (including the opinion of our counsel Morrison & Foerster LLP) in the product prospectus
supplement FIN-1 dated April 30, 2015 under "Supplemental Discussion of U.S. Federal Income Tax Consequences"
and specifically the discussion under "Supplemental Discussion of U.S. Federal Income Tax Consequences--
Supplemental U.S. Tax Considerations--Where the term of your notes will exceed one year--Fixed Rate Notes,
Floating Rate Notes, Inverse Floating Rate Notes, Step Up Notes, Leveraged Notes, Range Accrual Notes, Dual
Range Accrual Notes and Non-Inversion Range Accrual Notes," and "Supplemental Discussion of U.S. Federal
Income Tax Consequences--Supplemental U.S. Tax Considerations--Where the term of your notes will exceed one
year--Sale, Redemption or Maturity of Notes that Are Not Treated as Contingent Payment Debt Instruments," which
apply to your Notes.

RBC Capital Markets, LLC
P-2









Redeemable Step Up Notes,
Due May 21, 2028




Calculation Agent:
RBC Capital Markets, LLC


Listing:
The Notes will 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 April 30, 2015).

Terms Incorporated in
All of the terms appearing above the item captioned "Listing" on page P-2 of this pricing supplement and the terms
the Master Note:
appearing under the caption "General Terms of the Notes" in the product prospectus supplement FIN-1 dated April 30,
2015, as modified by this pricing supplement.

RBC Capital Markets, LLC
P-3









Redeemable Step Up Notes,
Due May 21, 2028




ADDI T I ON AL T ERM S OF Y OU R N OT ES

You should read this pricing supplement together with the prospectus dated April 30, 2015, as supplemented by the prospectus
supplement dated April 30, 2015 and the product prospectus supplement FIN-1 dated April 30, 2015, relating to our Senior Global
Medium-Term Notes, Series G, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will
have the meanings given to them in the product prospectus supplement FIN-1. In the event of any conflict, this pricing supplement will
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 well 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 carefully consider, among other things, the matters set forth in "Risk Factors" in the prospectus supplement dated April 30,
2015, "Additional Risk Factors Specific to the Notes" in the product prospectus supplement FIN-1 dated April 30, 2015 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 follows (or if that address has changed, by reviewing our filings for the relevant date on the
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SEC website):

Prospectus dated April 30, 2015:
http://www.sec.gov/Archives/edgar/data/1000275/000121465915003442/l429151424b3.htm

Prospectus Supplement dated April 30, 2015:
http://www.sec.gov/Archives/edgar/data/1000275/000121465915003446/n429152424b3.htm

Product Prospectus Supplement FIN-1 dated April 30, 2015:
http://www.sec.gov/Archives/edgar/data/1000275/000121465915003467/a430153424b5.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.

RBC Capital Markets, LLC
P-4









Redeemable Step Up Notes,
Due May 21, 2028




ADDI T I ON AL RI SK FACT ORS

The Notes involve risks not associated with an investment in ordinary fixed rate notes. This section describes the most significant risks
relating to the terms of the Notes. For additional information as to these risks, please see the product prospectus supplement FIN-1
dated April 30, 2015 and the prospectus supplement dated April 30, 2015. You should carefully 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.

Ea rly Re de m pt ion Risk . We have the option to redeem the Notes on the Call Dates set forth above. It is more likely that we will
redeem the Notes prior to their stated maturity date to the extent that the interest payable on the Notes is greater than the interest
that would be payable on our other instruments of a comparable maturity, terms and credit rating trading in the market. If the Notes
are redeemed prior to their stated maturity date, you may have to re-invest the proceeds in a lower rate environment.

I nve st ors Are Subje c t t o Our Cre dit Risk , a nd Our Cre dit Ra t ings a nd Cre dit Spre a ds M a y Adve rse ly Affe c t t he
M a rk e t V a lue of t he N ot e s. Investors are dependent on Royal Bank's ability to pay all amounts due on the Notes on the 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.

SU PPLEM EN T AL PLAN OF DI ST RI BU T I ON (CON FLI CT S OF I N T EREST )

Delivery of the Notes will be made against payment for the Notes on May 21, 2015, which is the third (3rd) business day following the
Pricing Date (this settlement cycle being referred to as "T+3"). See "Plan of Distribution" in the prospectus supplement dated April 30,
2015. 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 April 30, 2015.

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 will 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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RBC Capital Markets, LLC
P-5









Redeemable Step Up Notes,
Due May 21, 2028




V ALI DI T Y OF T H E N OT ES

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 and delivered against payment therefor, the Notes will 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 will
be valid obligations of the Bank, subject to equitable remedies which may only be granted at the discretion of a court of competent
authority, subject to applicable bankruptcy, insolvency and other laws of general application affecting creditors' rights, 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 of
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, all as stated in the letter of such counsel
dated April 30, 2015, which has been filed as Exhibit 5.1 to Royal Bank's Form 6-K filed with the SEC on April 30, 2015.


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 will 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 April 30, 2015, which has been filed as Exhibit 5.2 to the Bank's Form
6-K dated April 30, 2015.

RBC Capital Markets, LLC
P-6

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