Obbligazione Canadian Imperial Bank 2.375% ( US78008SLC88 ) in USD

Emittente Canadian Imperial Bank
Prezzo di mercato 99.658 USD  ⇌ 
Paese  Canada
Codice isin  US78008SLC88 ( in USD )
Tasso d'interesse 2.375% per anno ( pagato 2 volte l'anno)
Scadenza 30/10/2024 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78008SLC88 in USD 2.375%, scaduta


Importo minimo 1 000 USD
Importo totale /
Cusip 78008SLC8
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La Royal Bank of Canada (RBC) è una delle più grandi banche del Canada, con attività a livello globale nei settori della gestione patrimoniale, dei servizi finanziari e dell'investimento.

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78008SLC88, pays a coupon of 2.375% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 30/10/2024







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424B2 1 j1025121424b2.htm 12NC6M STEP UP NOTES 78008SLC8



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












$1,300,000



Redeemable Step Up Notes,
Dated October 25, 2012
Due October 30, 2024

to the Product Prospectus Supplement FIN-1 Dated
Royal Bank of Canada
January 28, 2011, Prospectus Dated January 28, 2011,

and Prospectus Supplement Dated January 28, 2011





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

The CUSIP number for the Notes is 78008SLC8.

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

·
Years 1-2:
2.000% per annum

·
Years 3-7:
2.375% per annum

·
Years 8-12:
3.550% per annum

We will pay interest on the Notes on April 30th and October 30th of each year (each an "Interest Payment Date"), commencing on April 30, 2013.

We may call the Notes in whole, but not in part, on April 30, 2013, October 30, 2013, April 30, 2014, October 30, 2014, and October 30, 2019 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.

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Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page 1 of the prospectus supplement dated January 28, 2011, "Additional Risk Factors
Specific to the Notes" beginning on page PS-5 of the product prospectus supplement FIN-1 dated January 28, 2011 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 varying public offering prices related to prevailing market prices, and will purchase the Notes from us on the Issue Date at
purchase prices that will be between 98.675% and 99.000% of the principal amount.

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 or about October 30, 2012, against payment in immediately available
funds.

RBC Capital Markets, LLC

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Redeemable Step Up Notes,
Due October 30, 2024







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. Dol ars


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


Pricing Date:
October 25, 2012


Issue Date:
October 30, 2012


Maturity Date:
October 30, 2024


CUSIP:
78008SLC8


Type of Note:
Step Up Note


Interest Rate:
Years 1-2:
2.000% per annum




Years 3-7:
2.375% per annum




Years 8-12:
3.550% per annum



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Interest Payment
Semi-annual y, on April 30th and October 30th of each year, commencing on April 30, 2013. If an Interest Payment Date is not a New
Dates:
York business day, interest shal be paid on the next New York business day, without adjustment for period end dates and no interest
shal be paid in respect of the delay.


Redemption:
Redeemable at our option.


Cal Dates:
The Notes are callable, in whole, but not in part, on April 30, 2013, October 30, 2013, April 30, 2014, October 30, 2014, and
October 30, 2019 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 supplement
FIN-1 dated January 28, 2011.

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Redeemable Step Up Notes,
Due October 30, 2024







U.S. Tax Treatment:
Please see the discussion in this pricing supplement under "Supplemental Discussion of U.S. Federal Income Tax Consequences" and

the discussion (including the opinion of our counsel Morrison & Foerster LLP) in the product prospectus supplement FIN-1 dated
January 28, 2011 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 exceeds 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 exceeds one
year--Sale, Redemption or Maturity of Notes that Are Not Treated as Contingent Payment Debt Instruments," which apply to your
Notes.


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 "Description of
Settlement:
Debt Securities--Ownership and Book-Entry Issuance" in the prospectus dated January 28, 2011).


Terms Incorporated
Al of the terms appearing above the item captioned "Listing" on page P-2 of this pricing supplement and the terms appearing under
in the Master Note:
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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Redeemable Step Up Notes,
Due October 30, 2024







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 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 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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Redeemable Step Up Notes,
Due October 30, 2024







ADDITIONAL RISK FACTORS

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 January 28, 2011 and the prospectus supplement
dated January 28, 2011. 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.

Early Redemption Risk. We have the option to redeem the Notes on the Cal Dates set forth above. It is more likely that we wil 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.

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 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.

SUPPLEMENTAL PLAN OF DISTRIBUTION

We expect that delivery of the Notes wil be made against payment for the Notes on or about October 30, 2012, 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
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pricing supplement is being used in a market-making transaction.

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Redeemable Step Up Notes,
Due October 30, 2024







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 proposed regulations affecting the
legislation enacted on March 18, 2010 and discussed in the product prospectus supplement 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 Internal
Revenue Service notices, withholding requirements with respect to payments made on the Notes wil general y begin no earlier than January 1, 2014. Pursuant to the
proposed regulations, if finalized in their current form, the withholding tax wil not be imposed on payments pursuant to obligations outstanding on January 1,
2013. 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 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 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 March 6, 2012, which has been filed 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 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, 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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