Obbligazione Canadian Imperial Bank 1.86% ( US78010UDU88 ) in USD

Canadian Imperial Bank

100 USD ▲

Canada

US78010UDU88 ( in USD )

1.86% per anno ( pagato 2 volte l'anno)

28/02/2034

Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78010UDU88 en USD 1.86%, scadenza 28/02/2034

1 000 USD

11 000 000 USD

78010UDU8

AA- ( High grade - Investment-grade )

NR

28/02/2026 ( In 123 giorni )

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 US78010UDU88, pays a coupon of 1.86% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 28/02/2034

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78010UDU88, was rated NR by Moody's credit rating agency.

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78010UDU88, was rated AA- ( High grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

a224141424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465914001474...
424B2 1 a224141424b2.htm 20NC6M STEEPENER NOTE

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-189888
®

$11,000,000

Dated February 24, 2014
Redeemable Leveraged Steepener Notes,
Due February 28, 2034

to the Product Prospectus Supplement FIN-1 Dated July
Royal Bank of Canada
25, 2013, Prospectus Dated July 23, 2013, and

Prospectus
Supplement Dated July 23, 2013

Royal Bank of Canada is offering the Redeemable Leveraged Steepener Notes (the "Notes") described below.

The CUSIP number for the Notes is 78010UDU8.

The Notes wil pay interest semi-annual y, on February 28th and August 28th of each year, commencing on August 28,
2014. The interest rate on the Notes wil depend on the "Reference Rate." The "Reference Rate" wil be equal to the
difference between the 30 year CMS rate and the 5 year CMS rate, minus 0.25%. Interest wil accrue at the fol owing
rates during the indicated years of the term of the Notes:

·
Years 1-2: 10.00% per annum

·
Years 3-20: The Reference Rate multiplied by 4; provided that the interest rate can never be less than
0.00% or greater than 10.00% per annum.

We may cal the Notes in whole, but not in part, on August 28, 2014, February 28, 2015, February 28, 2019, February
28, 2024 and February 28, 2029 upon at least 10 New York or London business days' prior written notice.

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

Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page P-8 of this pricing supplement
and "Risk Factors" beginning on page S-1 of the prospectus supplement dated July 23, 2013, and "Additional Risk
Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement FIN-1 dated July 25,
2013.

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 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 date of this pricing supplement is $882.70 per $1,000 in principal
amount, which is less than the price to 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. We describe our determination of the initial
1 of 16
2/26/2014 10:13 AM

a224141424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465914001474...
estimated value in more detail below.

RBC Capital Markets, LLC has offered the Notes at a public offering price equal to the principal amount, and wil
purchase the Notes from us on the issue date at a purchase price that wil be 96.4386% of the principal amount. See
"Supplemental Plan of Distribution (Conflicts of Interest)" on page P-10 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 February
28, 2014, against payment in immediately available funds.

RBC Capital Markets, LLC

2 of 16
2/26/2014 10:13 AM

a224141424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465914001474...

Redeemable Leveraged
Steepener Notes,
Due February 28, 2034

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 F

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:
February 24, 2014

Issue Date:
February 28, 2014

Maturity Date:
February 28, 2034

CUSIP:
78010UDU8

Interest Rate:
Years 1-2:
10.00% per annum

Years 3-20:
The value of the Reference Rate multiplied by 4; provided that the interest
rate can never be less than 0.00% or greater than 10.00% per annum.
Reference Rate:
High-Side Reference Rate minus Low-Side Reference Rate, minus 0.25%

High-Side Reference
30 Year CMS Rate, as reported on Reuters Page ISDAFIX1 or any successor page thereto at
Rate:
11:00 am New York time

Low-Side Reference
5 Year CMS Rate, as reported on Reuters Page ISDAFIX1 or any successor page thereto at
Rate:
11:00 am New York time

Type of Note:
Your Notes are cal ed a "Leveraged Steepener Note" because, from the beginning of year 3 until
the Maturity Date or the date of redemption, as the case may be, the Notes bear a variable rate
of interest at a "leveraged," or multiplied, rate, subject to a maximum interest rate, if the
High-Side Reference Rate exceeds the Low-Side Reference Rate by at least 0.25%. If the
High-Side Reference Rate does not exceed the Low-Side Reference Rate by at least 0.25%,
interest wil accrue at the rate of 0.00% for that interest period. FOR EVERY INTEREST
PERIOD THAT THE HIGH-SIDE REFERENCE RATE DOES NOT EXCEED THE LOW-SIDE
REFERENCE RATE BY AT LEAST 0.25%, YOU WILL NOT RECEIVE A COUPON PAYMENT.

Interest Determination
Five U.S. government securities settlement days prior to the beginning of each interest period,
Dates:
beginning in the third year of the term of the Notes. A "U.S. government securities settlement
day" is any day except a Saturday, a Sunday, or a day on which The Securities Industry and
3 of 16
2/26/2014 10:13 AM

a224141424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465914001474...
Financial 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.

RBC Capital Markets, LLC
P-2
4 of 16
2/26/2014 10:13 AM

a224141424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465914001474...

Redeemable Leveraged
Steepener Notes,
Due February 28, 2034

Interest Payment
Semi-annual y, in arrears, on February 28th and August 28th of each year, commencing on August
Dates:
28, 2014 and ending on the Maturity Date. If any Interest Payment Date is not a New York or
London business day, interest wil be paid on the next New York or London business day, without
adjustment for period end dates and no additional interest wil be paid in respect of the
postponement.

Redemption:
Redeemable at our option, in whole, but not in part.

Cal Date(s):
The Notes are cal able, in whole, but not in part, on August 28, 2014, February 28, 2015,
February 28, 2019, February 28, 2024 and February 28, 2029 upon at least 10 New York or
London business days' prior written notice.

Survivor's Option:
Not Applicable

Minimum Investment:
$1,000 (except for certain non-U.S. investors for whom the minimum investment wil be higher)

U.S. Tax Treatment:
The Notes wil be treated as debt instruments for U.S. federal income tax purposes. We intend

to take the position that the Notes wil be treated as contingent payment debt
instruments. Please see the discussion in this terms 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 dated July 25, 2013
under "Supplemental Discussion of U.S. Federal Income Tax Consequences" and specifical y the
discussion under "Supplemental Discussion of U.S. Federal Income Tax Consequences
--Supplemental U.S. Tax Considerations--Where the term of your notes wil exceed one
year--Leveraged Steepener Notes," and under "Supplemental Discussion of U.S. Federal
Income Tax Consequences--Supplemental U.S. Tax Considerations--Where the term of your
notes wil exceed one year--Rules Applicable to Notes Treated as Contingent Payment Debt
Instruments for Tax Purposes," 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
Settlement:
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the
prospectus dated July 23, 2013).

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 July 25, 2013, as modified by this pricing
supplement.

RBC Capital Markets, LLC
P-3
5 of 16
2/26/2014 10:13 AM

a224141424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465914001474...

Redeemable Leveraged
Steepener Notes,
Due February 28, 2034

ADDITIONAL TERMS OF YOUR NOTES

You should read this pricing supplement together with the prospectus dated July 23, 2013, as supplemented by the
prospectus supplement dated July 23, 2013 and the product prospectus supplement FIN-1 dated July 25, 2013, relating to
our Senior Global Medium-Term Notes, Series F, 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 July 23, 2013, "Additional Risk Factors Specific to the Notes" in the product prospectus
supplement FIN-1 dated July 25, 2013 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 July 23, 2013:
http://www.sec.gov/Archives/edgar/data/1000275/000121465913004043/f722130424b3.htm
Prospectus Supplement dated July 23, 2013:
http://www.sec.gov/Archives/edgar/data/1000275/000121465913004045/j716130424b3.htm
Product Prospectus Supplement FIN-1 dated July 25, 2013:
http://www.sec.gov/Archives/edgar/data/1000275/000121465913004075/c724131424b5.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
6 of 16
2/26/2014 10:13 AM

a224141424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465914001474...

Redeemable Leveraged
Steepener Notes,
Due February 28, 2034

HISTORICAL INFORMATION

Historical y, the High-Side Reference Rate and the Low-Side Reference Rate, and the difference between them,
have experienced significant fluctuations. Any historical upward or downward trend in these rates 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 term of the Notes. Royal Bank cannot make any assurances that the future levels of the High-Side Reference
Rate and the Low-Side Reference Rate wil result in holders of the Notes receiving interest payments after the first four
semi-annual interest payments.

The Reference Rate was 1.77% on February 24, 2014. The graph below sets forth the historical performance of
the Reference Rate from February 24, 1995 through February 24, 2014.

Source: Bloomberg L.P.

Historical Period

Total number of days in the historical period
4,955 days
Number of days the High-Side Reference Rate was greater than the Low-Side Reference
4,367 days
Rate by at least 0.25%
Number of days the High-Side Reference Rate was not greater than the Low-Side
588 days
Reference Rate by at least 0.25%

The historical performance shown above is not indicative of future performance. The level of the High-Side
Reference Rate may not exceed the Low-Side Reference Rate by at least 0.25% on one or more specific Interest
Determination Dates after the second year of the term of the Notes.
7 of 16
2/26/2014 10:13 AM

a224141424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465914001474...

RBC Capital Markets, LLC
P-5
8 of 16
2/26/2014 10:13 AM

a224141424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465914001474...

Redeemable Leveraged
Steepener Notes,
Due February 28, 2034

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 second 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 actual difference between the High-Side Reference Rate and the Low-Side
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. Whether or not you would receive interest at the
hypothetical interest rates below would depend on whether or not we determine to exercise our redemption right prior to
the interest period in which those interest rates would take effect.

Hypothetical Difference between the High- Side
Hypothetical Interest
Hypothetical Semi-Annual
minus Low-Side Reference Rates minus 0.25%
Rate (per annum)
Interest Payment
-2.00%
0.00%
$0.00
-1.85%
0.00%
$0.00
-1.70%
0.00%
$0.00
-1.55%
0.00%
$0.00
-1.40%
0.00%
$0.00
-1.25%
0.00%
$0.00
-1.10%
0.00%
$0.00
-0.95%
0.00%
$0.00
-0.80%
0.00%
$0.00
-0.65%
0.00%
$0.00
-0.50%
0.00%
$0.00
-0.35%
0.00%
$0.00
-0.20%
0.00%
$0.00
-0.05%
0.00%
$0.00
0.10%
0.40%
$2.00
0.25%
1.00%
$5.00
0.40%
1.60%
$8.00
0.55%
2.20%
$11.00
0.70%
2.80%
$14.00
0.85%
3.40%
$17.00
1.00%
4.00%
$20.00
1.15%
4.60%
$23.00
1.30%
5.20%
$26.00
1.45%
5.80%
$29.00
1.60%
6.40%
$32.00
1.75%
7.00%
$35.00
1.90%
7.60%
$38.00
2.05%
8.20%
$41.00
2.20%
8.80%
$44.00
2.35%
9.40%
$47.00
2.50%
10.00%
$50.00

RBC Capital Markets, LLC
P-6
9 of 16
2/26/2014 10:13 AM

a224141424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465914001474...

Redeemable Leveraged
Steepener Notes,
Due February 28, 2034

Hypothetical Difference between the High- Side
Hypothetical Interest
Hypothetical Semi-Annual
minus Low-Side Reference Rates minus 0.25%
Rate (per annum)
Interest Payment
2.65%
10.00%
$50.00
2.80%
10.00%
$50.00
2.95%
10.00%
$50.00
3.10%
10.00%
$50.00
3.25%
10.00%
$50.00
3.40%
10.00%
$50.00
3.55%
10.00%
$50.00
3.70%
10.00%
$50.00
3.85%
10.00%
$50.00

RBC Capital Markets, LLC
P-7
10 of 16
2/26/2014 10:13 AM