Bond Canadian Imperial Bank 2.5% ( US78014RBF64 ) in USD

Issuer Canadian Imperial Bank
Market price 100 %  ▲ 
Country  Canada
ISIN code  US78014RBF64 ( in USD )
Interest rate 2.5% per year ( payment 2 times a year)
Maturity 26/09/2022 - Bond has expired



Prospectus brochure of the bond Royal Bank of Canada US78014RBF64 in USD 2.5%, expired


Minimal amount 1 000 USD
Total amount 1 000 USD
Cusip 78014RBF6
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 US78014RBF64, pays a coupon of 2.5% per year.
The coupons are paid 2 times per year and the Bond maturity is 26/09/2022

The Bond issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78014RBF64, 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 US78014RBF64, was rated AA- ( High grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







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424B2 1 form424b2.htm CMS2 FTF NOTES 78014RBF6
RBC Capital Markets®
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001
Pricing Supplement
$75,000,000
Fixed to Floating Rate Notes,
Dated September 20, 2019
Due September 26, 2022
To the Product Prospectus Supplement FIN-1 Dated September 20,
Royal Bank of Canada
2018, and the Prospectus and Prospectus Supplement, each dated
September 7, 2018
Royal Bank of Canada is offering the CMS Fixed to Floating Rate Notes (the "Notes") described below.
The CUSIP number for the Notes is 78014RBF6.
The Notes wil pay interest quarterly, on the 26th day of each March, June, September and December, commencing on
December 26, 2019 and ending on the Maturity Date.
The "Reference Rate" is the 2 Year CMS rate. The Notes wil accrue interest at the fol owing rates during the indicated
years of the term of the Notes:
·
Year 1:
2.50%
·
Years 2-3:
The Reference Rate plus 0.30% (subject to a Coupon Floor of 0%)
The Notes wil not be listed on any securities exchange.
Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page S-1 of the prospectus supplement
dated September 7, 2018, "Additional Risk Factors Specific to the Notes" beginning on page PS-5 of the product
prospectus supplement FIN-1 dated September 20, 2018 and "Additional Risk Factors" on page P-6 of this pricing
supplement.
The Notes wil not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit
Insurance Corporation or any other Canadian or U.S. government agency or instrumentality. The Notes are not subject to
conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.
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.
The initial estimated value of the Notes as of the pricing date is $996.10 per $1,000 in principal amount, which is less than
the price to the public. The actual value of the Notes at any time wil reflect many factors, cannot be predicted with
accuracy, and may be less than this amount.
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 a purchase price of 99.85% of the principal amount. See
"Supplemental Plan of Distribution (Conflicts of Interest)" below.
We wil deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on September 26,
2019, against payment in immediately available funds.
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Fixed to Floating Rate Notes
Royal Bank of Canada

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")
Underwriter:
RBC Capital Markets, LLC
Currency:
U.S. Dol ars
Minimum Investment: $1,000 and minimum denominations of $1,000 in excess of $1,000
Pricing Date:
September 20, 2019
Issue Date:
September 26, 2019
Maturity Date:
September 26, 2022
CUSIP:
78014RBF6
Interest Rate:
Year 1:
2.50%
Years 2-3 (the "Floating Rate Period"): The Reference Rate plus 0.30%, subject to the Coupon
Floor.
Reference Rate:
2 Year CMS Rate, as reported on Reuters Page ICESWAP1 or any successor page thereto at 11:00
am New York time
Coupon Floor:
0.00%
Day Count Fraction: 30/360
Type of Note:
Fixed to Floating Rate Notes
Interest Payment
Quarterly, in arrears, on the 26th day of each March, June, September and December, commencing
Dates:
on December 26, 2019 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
beginning on page S-20 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
Five U.S. government securities settlement days prior to the beginning of each interest period,
Determination
beginning in the second year of the term of the Notes. A "U.S. government securities settlement day"
Dates During Floating is any day except a Saturday, a Sunday, or a day on which The Securities Industry and Financial
Rate Period:
Markets Association (or any successor thereto) recommends that the fixed income departments of
its members be closed for the entire day for purposes of trading in U.S. government securities.
Redemption:
Not Applicable.
Survivor's Option:
Not Applicable.
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Royal Bank of Canada

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, the Notes may be issued with de minimis OID. Please
see the discussion in the accompanying product prospectus supplement FIN-1 dated September 20,
2018 under the section entitled "Supplemental Discussion of U.S. Federal Income Tax
Consequences," and the accompanying prospectus dated September 7, 2018 under the section
entitled "Tax Consequences--United States Taxation" and specifical y 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
Settlement:
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the
prospectus dated September 7, 2018).
Terms Incorporated in Al of the terms appearing above the item captioned "Listing" on pages P-2 and P-3 of this pricing
the Master Note:
supplement and the applicable terms appearing under the caption "General Terms of the Notes" in
the product prospectus supplement FIN-1 dated September 20, 2018, as modified by this pricing
supplement.
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Royal Bank of Canada

ADDITIONAL TERMS OF YOUR NOTES
You should read this pricing supplement together with the prospectus dated September 7, 2018, as supplemented by the
prospectus supplement dated September 7, 2018 and the product prospectus supplement FIN-1 dated September 20,
2018, relating to our Senior Global Medium-Term Notes, Series H, 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 al
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 September 7, 2018, "Additional Risk Factors Specific to the Notes" in the product prospectus
supplement FIN-1 dated September 20, 2018 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 September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Product Prospectus Supplement FIN-1 dated September 20, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118038802/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, the "Company," the
"Bank," "we," "us," or "our" refers to Royal Bank of Canada.
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Royal Bank of Canada

HYPOTHETICAL EXAMPLES
The table below presents examples of the hypothetical interest which wil accrue on the Notes with a principal amount of
$1,000 after the first year of the term of the Notes. The examples below are for purposes of il ustration only. The actual
interest payments wil depend on the Reference Rate on each interest determination date. The applicable interest rate for
each interest period wil be determined on a per-annum basis but wil apply only to that interest period.
Hypothetical Reference Rate
Hypothetical Interest
Hypothetical Quarterly
Rate (per annum)
Interest Payment
0.00%
0.30%
$0.75
0.50%
0.80%
$2.00
1.00%
1.30%
$3.25
1.50%
1.80%
$4.50
2.00%
2.30%
$5.75
2.80%
3.10%
$7.75
3.60%
3.90%
$9.75
4.40%
4.70%
$11.75
5.60%
5.90%
$14.75
6.40%
6.70%
$16.75
7.60%
7.90%
$19.75
8.00%
8.30%
$20.75
8.60%
8.90%
$22.25
9.20%
9.50%
$23.75
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Royal Bank of Canada

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 FIN-1 dated September 20, 2018 and the prospectus
supplement and prospectus, each dated September 7, 2018. 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.
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.
The Initial Estimated Value of the Notes Is Less than the Price to the Public. The initial estimated value set forth on
the cover page of this pricing supplement does not represent a minimum price at which we, RBCCM or any of our affiliates
would be wil ing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sel the Notes
prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is
due to, among other things, changes in the level of the Reference Rate, the borrowing rate we pay to issue securities of
this kind, and the inclusion in the price to the public of the underwriting discount and the estimated costs relating to our
hedging of the Notes. These factors, together with various credit, market and economic factors over the term of the Notes,
are expected to reduce the price at which you may be able to sel the Notes in any secondary market and wil affect the
value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any other relevant
factors, the price, if any, at which you may be able to sel your Notes prior to maturity may be less than your original
purchase price, as any such sale price would not be expected to include the underwriting discount and the hedging costs
relating to the Notes. In addition to bid-ask spreads, the value of the Notes determined for any secondary market price is
expected to be based on the secondary rate rather than the internal funding rate used to price the Notes and determine the
initial estimated value. As a result, the secondary price wil be less than if the internal funding rate was used. The Notes
are not designed to be short-term trading instruments. Accordingly, you should be able and wil ing to hold your Notes to
maturity.
The Initial Estimated Value of the Notes Is an Estimate Only, Calculated as of the Time the Terms of the Notes
Were Set. The initial estimated value of the Notes is based on the value of our obligation to make the payments on the
Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See "Structuring the
Notes" below. Our estimate is based on a variety of assumptions, including our credit spreads, expectations as to interest
rates and volatility, and the expected term of the Notes. These assumptions are based on certain forecasts about future
events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is
significantly different than we do.
The value of the Notes at any time after the pricing date wil vary based on many factors, including changes in market
conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Notes in
any secondary market, if any, should be expected to differ material y from the initial estimated value of your Notes.
Regulatory Investigations Regarding Potential Manipulation of CMS Rates May Adversely Affect Your Notes. It has
been reported that certain U.S. and non-U.S. regulators are investigating potential manipulation of CMS rates and other
swap rates. If such manipulation occurred, it may have resulted in these rates, including CMS2 being artificial y lower (or
higher) than it or they would otherwise have been. Any changes or reforms affecting the determination or supervision of
these rates in light of these investigations may result in a sudden or prolonged increase or decrease in
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Royal Bank of Canada

these reported rates, which may have an adverse impact on the trading market for CMS-benchmarked securities, such as
the Notes, the market value of your notes and the payments on your Notes.
Uncertainty About the Future of LIBOR and the Potential Discontinuance of LIBOR May Adversely Affect the Value
of the Notes. The Reference Rate Is Based on Hypothetical Interest Rate Swaps Referencing 3-Month U.S. Dollar
LIBOR. The Chief Executive of the United Kingdom Financial Conduct Authority (the "FCA"), which regulates LIBOR, has
announced that the FCA intends to stop persuading or compel ing banks to submit rates for the calculation of LIBOR after
2021. At this time, it is not possible to predict the effect of any such changes on 3-month U.S. dol ar LIBOR and, therefore,
CMS2. Uncertainty as to the nature of such potential changes or other reforms may adversely affect the payments on the
Notes, and accordingly, the value of and the trading market for the Notes during their term. If CMS2 is discontinued, the
Calculation Agent wil have significant discretion in determining the interest payable on the Notes.
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Fixed to Floating Rate Notes
Royal Bank of Canada

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 1.725% on September 20, 2019. The graph below sets forth the historical performance of the
Reference Rate from January 1, 2009 through September 20, 2019.
Source: Bloomberg L.P.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
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Fixed to Floating Rate Notes
Royal Bank of Canada

SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)
Delivery of the Notes wil be made against payment for the Notes on September 26, 2019, which is the sixth (6th) business
day fol owing the pricing date (this settlement cycle being referred to as "T+6"). See "Plan of Distribution" in the prospectus
supplement dated September 7, 2018. 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 September 7,
2018.
After the initial offering of the Notes, the price to the public may change.
The value of the Notes shown on your account statement may be based on RBCCM's estimate of the value of the Notes if
RBCCM or another of our affiliates were to make a market in the Notes (which it is not obligated to do). That estimate wil
be based upon the price that RBCCM may pay for the Notes in light of then prevailing market conditions, our
creditworthiness and transaction costs. For a period of up to approximately six months after the issue date of the Notes,
the value of the Notes that may be shown on your account statement is expected to be higher than RBCCM's estimated
value of the Notes at that time. This is because the estimated value of the Notes wil not include the underwriting discount
and our hedging costs and profits; however, the value of the Notes shown on your account statement during that period
may initial y be a higher amount, reflecting the addition of RBCCM's underwriting discount and our estimated costs and
profits from hedging the Notes. This excess is expected to decrease over time until the end of this period. After this period,
if RBCCM repurchases your Notes, it expects to do so at prices that reflect their estimated value.
We may use this pricing supplement in the initial sale of the Notes. In addition, RBCCM 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.
Each of RBCCM and any other broker-dealer offering the Notes have not offered, sold or otherwise made available and
wil not offer, sel or otherwise make available any of the Notes to, any retail investor in the European Economic Area
("EEA"). For these purposes, the expression "offer" includes the communication in any form and by any means of sufficient
information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or
subscribe the Notes, and a "retail investor" means a person who is one (or more) of: (a) a retail client, as defined in point
(11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (b) a customer, within the meaning of Directive
2016/97/EU, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article
4(1) of MiFID II; or (c) not a qualified investor as defined in Regulation (EU) (2017/1129) (the "Prospectus Regulation").
Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs
Regulation") for offering or sel ing the Notes or otherwise making them available to retail investors in the EEA has been
prepared, and therefore, offering or sel ing the Notes or otherwise making them available to any retail investor in the EEA
may be unlawful under the PRIIPs Regulation.
STRUCTURING THE NOTES
The Notes are our debt securities, the return on which is linked to the Reference Rate. As is the case for al of our debt
securities, including our structured notes, the economic terms of the Notes reflect our actual or perceived creditworthiness
at the time of pricing. In addition, because structured notes result in increased operational, funding and liability
management costs to us, we typical y borrow the funds under these Notes at a rate that is more favorable to us than the
rate that we might pay for a conventional fixed or floating rate debt security of comparable maturity. Using this relatively
lower implied borrowing rate rather than the secondary market rate, is a factor that is likely to reduce the initial estimated
value of the Notes at the time their terms are set. Unlike the estimated value included in this pricing supplement, any value
of the Notes determined for purposes of a secondary market transaction may be based on a different funding rate, which
may result in a lower value for the Notes than if our initial internal funding rate were used.
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In order to satisfy our payment obligations under the Notes, we may choose to enter into certain hedging arrangements
(which may include cal options, put options or other derivatives) on the issue date with RBCCM or one of our other
subsidiaries. The terms of these hedging arrangements take into account a number of factors, including our
creditworthiness, interest rate movements, the volatility of the Reference Rate, and the tenor of the Notes. The economic
terms of the Notes and their initial estimated value depend in part on the terms of these hedging arrangements.
The lower implied borrowing rate is a factor that reduces the economic terms of the Notes to you. The initial offering price
of the Notes also reflects the underwriting commission and our estimated hedging costs. These factors result in the initial
estimated value for the Notes on the pricing date being less than their public offering price. See "Additional Risk Factors--
The Initial Estimated Value of the Notes Is Less than the Price to the Public" above.
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 al
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 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 equitable remedies
which may only be granted at the discretion of a court of competent authority, subject to applicable bankruptcy, to rights to
indemnity and contribution under the Notes or the Indenture which may be limited by applicable law; to insolvency and
other laws of general application affecting creditors' rights, to limitations under applicable limitations statutes, and 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 Québec
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, al as stated in the letter of such counsel dated September 7, 2018, which has been filed as Exhibit 5.1 to Royal
Bank's Form 6-K filed with the SEC dated September 7, 2018.
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 general y, 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, al as stated in the
legal opinion dated September 7, 2018, which has been filed as Exhibit 5.2 to the Bank's Form 6-K dated September 7,
2018.
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