Obbligazione Canadian Imperial Bank 3.5% ( US78014RAB69 ) in USD

Emittente Canadian Imperial Bank
Prezzo di mercato refresh price now   94.2 USD  ⇌ 
Paese  Canada
Codice isin  US78014RAB69 ( in USD )
Tasso d'interesse 3.5% per anno ( pagato 2 volte l'anno)
Scadenza 23/05/2033



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78014RAB69 en USD 3.5%, scadenza 23/05/2033


Importo minimo 1 000 USD
Importo totale 1 000 000 USD
Cusip 78014RAB6
Standard & Poor's ( S&P ) rating AA- ( High grade - Investment-grade )
Moody's rating Aa1 ( High grade - Investment-grade )
Coupon successivo 23/11/2025 ( In 25 giorni )
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 US78014RAB69, pays a coupon of 3.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 23/05/2033

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78014RAB69, was rated Aa1 ( High grade - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78014RAB69, was rated AA- ( High grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







424B2 1 form424b2.htm PRICING SUPPLEMENT RBC 15NC5Y STEP

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 8 5 0 7




Pricing Supplement

$1,000,000


Dated May 21, 2018
Redeemable Step Up Notes,

To the Product Prospectus Supplement FIN-1 dated January 14, 2016,
Due May 23, 2033
and the Prospectus Supplement and Prospectus, each dated January 8,
Royal Bank of Canada
2016



Royal Bank of Canada is offering the Redeemable Step Up Notes (the "Notes") described below.
The CUSIP number for the Notes is 78014RAB6.
The Notes will accrue interest at the following rates during the indicated year of their term:
· Years 1-5:
3.50% per annum
· Years 6-10:
4.00% per annum
· Years 11-15:
5.00% per annum
We will pay interest on the Notes on May 23 and November 23 of each year (each an "Interest Payment Date"), commencing on
November 23, 2018.
We may call the Notes in whole, but not in part, on May 23, 2023 and May 23, 2028 with 10 business days' prior written notice. All
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
January 8, 2016, "Additional Risk Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement
FIN-1 dated January 14, 2016 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 a purchase price that is 98.50% of the principal amount. See "Supplemental Plan
of Distribution (Conflicts of Interest)" on page P-5 below.
We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on May 23, 2018, against
payment in immediately available funds.
RBC Capital Markets, LLC


Redeemable Step Up Notes,
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Due May 23, 2033
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 21, 2018
Issue Date:
May 23, 2018
Maturity Date:
May 23, 2033
CUSIP:
78014RAB6
Type of Note:
Step Up Note
Interest Rate:
Years 1-5:
3.50% per annum

Years 6-10:
4.00% per annum
Years 11-15:
5.00% per annum
Interest Payment
Semi-annually, on May 23 and November 23 of each year, commencing on November 23, 2018. If an
Dates:
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. If we redeem the Notes, we will pay you the principal amount, together with the
applicable interest payment.
Call Dates:
The Notes are callable, in whole, but not in part, on May 23, 2023 and May 23, 2028 upon 10 business
days' prior written notice.
Survivor's Option:
Not applicable.
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 January 14, 2016 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 applies to your Notes. These
discussions do not address the tax consequences applicable to holders subject to section 451(b) of the
Code.


RBC Capital Markets, LLC
P-2


Redeemable Step Up Notes,
Due May 23, 2033
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RBC Capital Markets, LLC
Calculation Agent:
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

Settlement:
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus
dated January 8, 2016).
Terms Incorporated in All of the terms appearing above the item captioned "Listing" on page P-2 of this pricing supplement and
the Master Note:
the terms appearing under the caption "General Terms of the Notes" in the product prospectus
supplement FIN-1 dated January 14, 2016, as modified by this pricing supplement. In addition to those
terms, the following two sentences are also so incorporated into the master note: RBC confirms that it
fully understands and is able to calculate the effective annual rate of interest applicable to the Notes
based on the methodology for calculating per annum rates provided for in the Notes. RBC irrevocably
agrees not to plead or assert Section 4 of the Interest Act (Canada), whether by way of defense or
otherwise, in any proceeding relating to the Notes.
RBC Capital Markets, LLC
P-3


Redeemable Step Up Notes,
Due May 23, 2033
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 January 8, 2016, as supplemented by the prospectus
supplement dated January 8, 2016 and the product prospectus supplement FIN-1 dated January 14, 2016, 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
January 8, 2016, "Additional Risk Factors Specific to the Notes" in the product prospectus supplement FIN-1 dated January 14,
2016 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 SEC website):
Prospectus dated January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008810/j18160424b3.htm
Prospectus Supplement dated January 8, 2016:
https://www.sec.gov/Archives/edgar/data/1000275/000121465916008811/p14150424b3.htm
Product Prospectus Supplement FIN-1 dated January 14, 2016:
https://www.sec.gov/Archives/edgar/data/1000275/000114036116047762/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "we," "us", or "our" refers to
Royal Bank of Canada.
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RBC Capital Markets, LLC
P-4


Redeemable Step Up Notes,
Due May 23, 2033
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 January 14, 2016 and the prospectus supplement dated January 8, 2016. 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 23, 2018, which is the second (2nd) business day
following the Pricing Date (this settlement cycle being referred to as "T+2"). See "Plan of Distribution" in the prospectus supplement
dated January 8, 2016. 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 8, 2016.
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.
No Prospectus (as defined in Directive 2003/71/EC (as amended, the "Prospectus Directive")) will be prepared in connection with
the Notes. Accordingly, the Notes may not be offered to the public in any member state of the European Economic Area (the
"EEA"), and any purchaser of the Notes who subsequently sells any of the Notes in any EEA member state must do so only in
accordance with the requirements of the Prospectus Directive, as implemented in that member state.
The Notes are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made
available to, any retail investor in the EEA. For these purposes, the expression "offer" includes the
RBC Capital Markets, LLC
P-5


Redeemable Step Up Notes,
Due May 23, 2033
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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 Insurance Distribution 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 the Prospectus Directive.
Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for
offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared, and therefore,
offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs
Regulation.
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, 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, all as stated in the letter of such counsel dated January 8, 2016, which has been filed as
Exhibit 5.1 to Royal Bank's Form 6-K filed with the SEC dated January 8, 2016.
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 January 8, 2016, which has been filed as Exhibit 5.2 to the Bank's
Form 6-K dated January 8, 2016.

RBC Capital Markets, LLC
P-6
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