Obbligazione Canadian Imperial Bank 2.25% ( US78015K7C20 ) in USD

Canadian Imperial Bank

100 USD ▲

Canada

US78015K7C20 ( in USD )

2.25% per anno ( pagato 2 volte l'anno)

01/11/2024 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Royal Bank Of Canada US78015K7C20 in USD 2.25%, scaduta

2 000 USD

1 500 000 000 USD

78015K7C2

A ( Upper medium grade - Investment-grade )

A2 ( Upper medium grade - Investment-grade )

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 US78015K7C20, pays a coupon of 2.25% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 01/11/2024

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78015K7C20, was rated A2 ( Upper medium grade - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78015K7C20, was rated A ( Upper medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

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424B2 1 j1022190424b2.htm PRICING SUPPLEMENT

Royal Bank of Canada
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001

Pricing Supplement
$1,500,000,000
2.250% Senior Notes,
Dated October 21, 2019
Due November 1, 2024
To the Prospectus Dated September 7, 2018 and
Royal Bank of Canada
Prospectus Supplement Dated September 7, 2018

We wil pay interest on the 2.250% Senior Notes, due November 1, 2024, which we refer to in this pricing supplement as the
Notes, semi-annual y on May 1 and November 1 of each year. We wil make the first interest payment on May 1, 2020. The Notes
wil mature on November 1, 2024. The Notes wil be our unsecured obligations and wil rank equal y with al of our other
unsecured and unsubordinated indebtedness from time to time outstanding. We wil issue the Notes in minimum denominations
of $2,000 and integral multiples of $1,000 in excess thereof.
The Notes wil be bail-inable notes (as defined in the accompanying prospectus supplement dated September 7, 2018) and
subject to conversion in whole or in part by means of a transaction or series of transactions and in one or more steps into
common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act
(the "CDIC Act") and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of
Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes.
We may not redeem the Notes prior to their maturity. There is no sinking fund for the Notes. Al payments on the Notes are
subject to our credit risk.
The CUSIP number for the Notes is 78015K7C2.
The Notes wil not be listed on any securities exchange.
Investing in the Notes involves a number of risks. See "Risk Factors" on page P-4 of this pricing supplement and
beginning on page S-1 of the prospectus supplement dated September 7, 2018.
The Notes are unsecured and are not savings accounts or insured deposits of a bank. The Notes are not insured or guaranteed
by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental
agency or instrumentality of Canada or the United States.
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.

Per Note

Total

Price to public
99.778%

$ 1,496,670,000

Underwriting discount
0.250%

$ 3,750,000

Proceeds to Royal Bank of Canada
99.528%

$ 1,492,920,000
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We wil deliver the Notes in book-entry only form through the facilities of The Depository Trust Company ("DTC") (including
through its indirect participants Euroclear, Clearstream and CDS Clearing and Depository Services Inc. ("CDS")) on or about
October 24, 2019, against payment in immediately available funds.

Lead Managers and Joint Book Runners
RBC Capital
Citigroup
Goldman Sachs &
Wells Fargo
Markets
Co. LLC
Securities

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2.250% Senior Notes,
Due November 1, 2024
Royal Bank of Canada

TERMS OF THE NOTES

We describe the basic features of the Notes in the sections of the prospectus dated September 7, 2018 cal ed "Description
of Debt Securities" and prospectus supplement dated September 7, 2018 cal ed "Description of the Notes We May Offer,"
subject to and as modified by the provisions described below.

Issuer:
Royal Bank of Canada (the "Bank")

Issue:
Senior Global Medium-Term Notes, Series H

Title of Series:
2.250% Senior Notes, due November 1, 2024

Ranking:
Senior

Principal Amount:
US $1,500,000,000

Currency:
U.S. Dol ars

Minimum Denominations:
$2,000 and integral multiples of $1,000 in excess thereof

Pricing Date:
October 21, 2019

Issue Date:
October 24, 2019

Maturity Date:
November 1, 2024

CUSIP / ISIN / Common
78015K7C2 / US78015K7C20 / 207293903
Code:

Interest Rate:
For each Interest Period (as defined below), the Notes wil bear interest at the fixed rate of
2.250% per annum.

Interest Payment Dates:
Semi-Annual y, on each May 1 and November 1, beginning on May 1, 2020 and ending on the
Maturity Date, subject to the Payment Convention, as described below.

Interest Periods:
The Notes wil bear interest from and including each Interest Payment Date (or in the case of
the initial Interest Period, the Issue Date) to but excluding the fol owing Interest Payment
Date (or, in the case of the final Interest Period, the Maturity Date) (each such period, an
"Interest Period"), subject to the Payment Convention, as described below.

Record Dates for Interest
The fifteenth calendar day, whether or not a Business Day, immediately preceding the related
Payments:
Interest Payment Date.

Payment Convention:
If any Interest Payment Date or the Maturity Date fal s on a day that is not a Business Day,
the required payment of principal, premium, if any, and/or interest wil be made on the next
succeeding Business Day, and no additional interest wil accrue in respect of the payment
made on that next succeeding Business Day.

Business Day:
A Monday, Tuesday, Wednesday, Thursday or Friday that is neither a legal holiday nor a day
on which banking institutions are authorized or required by law to close in New York City or
Toronto.
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2.250% Senior Notes,
Due November 1, 2024
Royal Bank of Canada

Day Count Fraction:
Interest wil be computed and paid on a 30/360 basis (based upon a 360-day year of twelve
30-day months).

Redemption at our Option:
Not applicable.

Canadian Bail-in Powers
The Notes are bail-inable notes. See "Specific Terms of the Notes--Agreement with Respect
Acknowledgment:
to the Exercise of Canadian Bail-in Powers".

Repayment at Option of
Not applicable.
Holder:

Lead Managers and Joint
RBC Capital Markets, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and
Book Runners:
Wel s Fargo Securities, LLC.

Public Offering Price:
99.778%

Underwriting Discount:
0.250%

Clearance and Settlement:
DTC (including through its indirect participants Euroclear, Clearstream and CDS, as
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the
prospectus dated September 7, 2018).

Listing:
The Notes wil not be listed on any securities exchange or quotation system.

Terms Incorporated in the
Al of the terms appearing above on pages P-2 and P-3 under the caption "Terms of the
Master Note:
Notes" of this pricing supplement and the terms appearing under the caption "Specific Terms
of the Notes" below.

The Notes are part of a series of senior debt securities of the Bank entitled "Senior Global
Medium-Term Notes, Series H." The Notes wil have the CUSIP No. 78015K7C2, the ISIN
No. US78015K7C20 and the Common Code No. 207293903.

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2.250% Senior Notes,
Due November 1, 2024
Royal Bank of Canada

RISK FACTORS

An investment in the Notes is subject to the risks described below, as wel as the risks described under "Risk Factors" in
the accompanying prospectus, dated September 7, 2018, and the accompanying prospectus supplement, dated
September 7, 2018. The Notes are not secured debt. You should careful y consider whether the Notes are suited to your
particular circumstances. This pricing supplement should be read together with the accompanying prospectus, dated
September 7, 2018, and the accompanying prospectus supplement, dated September 7, 2018. The information in the
accompanying prospectus and the accompanying prospectus supplement is supplemented by, and to the extent
inconsistent therewith replaced and superseded by, the information in this pricing supplement. This section describes
certain significant risks relating to an investment in the Notes. We urge you to read the following information
about these risks, together with the other information in this pricing supplement and the accompanying
prospectus and accompanying prospectus supplement, before investing in the Notes.

Investors Are Subject to Our Credit Risk, and Market Perceptions About Our Creditworthiness May Adversely
Affect the Market Value of the Notes.

Investors are dependent on our ability to pay al amounts due on the Notes on the interest payment dates and at maturity,
and, therefore, investors are subject to our credit risk and to changes in the market's view of our creditworthiness. Any
decrease in the market's view on or confidence in our creditworthiness is likely to adversely affect the market value of the
Notes.

The Market Value of the Notes May Be Influenced by Unpredictable Factors.

The market value of your Notes may fluctuate between the date you purchase them and the Maturity Date. Several factors,
many of which are beyond our control, wil influence the market value of the Notes. Factors that may influence the market
value of the Notes include:

·
supply and demand for the Notes, including inventory positions with the underwriters or any other market-maker;

·
interest rates in the market and expectations about future interest rates;

·
the creditworthiness of the Bank;

·
the time remaining to the maturity of the Notes; and

·
economic, financial, political, regulatory or judicial events that affect financial markets general y.

The Notes Will Not Be Listed on Any Securities Exchange and Secondary Trading May Be Limited.

The Notes wil not be listed on any securities exchange. Therefore, there may be little or no secondary market for the
Notes. The underwriters may, but are not obligated to, make a market in the Notes. Even if there is a secondary market, it
may not provide enough liquidity to al ow you to trade or sel the Notes easily. Because we do not expect that other broker-
dealers wil participate significantly in the secondary market for the Notes, the price at which you may be able to trade your
Notes is likely to depend on the price, if any, at which the underwriters are wil ing to transact. If at any time the underwriters
were not to make a market in the Notes, it is likely that there would be no secondary market for the Notes. Accordingly, you
should be wil ing to hold your Notes to maturity.

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2.250% Senior Notes,
Due November 1, 2024
Royal Bank of Canada

SPECIFIC TERMS OF THE NOTES

Please note that in this section entitled "Specific Terms of the Notes," references to "holders" mean those who own Notes
registered in their own names, on the books that we or the trustee maintain for this purpose, and not those who own
beneficial interests in Notes registered in street name or in Notes issued in book-entry form through DTC or another
depositary. Owners of beneficial interests in the Notes should read the section entitled "Description of the Notes We May
Offer--Legal Ownership" in the accompanying prospectus supplement, dated September 7, 2018, and "Description of Debt
Securities--Ownership and Book-Entry Issuance" in the accompanying prospectus, dated September 7, 2018.

The Notes are part of a series of senior debt securities entitled "Senior Global Medium-Term Notes, Series H," that we may
issue under our senior indenture, dated as of October 23, 2003, between the Bank and The Bank of New York Mel on, as
successor to the corporate trust business of JPMorgan Chase Bank, N.A., as trustee, as supplemented by a first
supplemental indenture, dated as of July 21, 2006, by a second supplemental indenture, dated as of February 28, 2007,
and by a third supplemental indenture, dated as of September 7, 2018 and as further amended, from time to time (the
"indenture"). The Notes are described in the accompanying prospectus supplement. This pricing supplement summarizes
financial and other terms that apply to the Notes. We describe terms that apply general y to al Series H Medium-Term
Notes in "Description of the Notes We May Offer" in the accompanying prospectus supplement. The terms described in
this pricing supplement, and should be read in conjunction with, those described in the accompanying prospectus and
accompanying prospectus supplement and, if the terms described here are inconsistent with those described there, the
terms described here are control ing.

Please note that the information about the price to the public and the net proceeds to the Bank on the front cover of this
pricing supplement relates only to the initial sale of the Notes. If you have purchased the Notes in a market-making
transaction after the initial sale, information about the price and date of sale to you wil be provided in a separate
confirmation of sale.

In addition to the terms described on the front and inside cover of this pricing supplement, the fol owing specific terms wil
apply to the Notes:

Defeasance

There shal be no defeasance, ful or covenant, applicable to the Notes.

Payment at Maturity

At maturity you wil receive an amount equal to the principal of your Notes plus any accrued and unpaid interest.

Manner of Payment and Delivery

Any payment on the Notes at maturity wil be made to accounts designated by you and approved by us, or at the office of
the trustee in New York City, but only when the Notes are surrendered to the trustee at that office. We also may make any
payment in accordance with the applicable procedures of the depositary.

Agreement with Respect to the Exercise of Canadian Bail-in Powers

By its acquisition of an interest in any Note, each holder or beneficial owner of that Note is deemed to (i) agree to be
bound, in respect of that Note, by the CDIC Act, including the conversion of that Note, in whole or in part by means of a
transaction or series of transactions and in one or more steps into common shares of the Bank or any of its affiliates
under subsection 39.2(2.3) of the CDIC Act and the variation or extinguishment of that Note in consequence, and by the
application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the
operation of the CDIC Act with respect to that Note; (i ) attorn and submit to the jurisdiction of the courts in the Province of
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Ontario with respect to the CDIC Act and those laws; (i i) have represented and warranted to the Bank that the Bank has
not directly or indirectly provided financing to the holder for the express purpose of investing in the Note; and
(iv) acknowledge and agree that the terms referred to in paragraphs (i) and (i ), above, are binding on that holder or
beneficial owner despite any provisions in the indenture or that Note, any other law that governs that Note and any other
agreement, arrangement or understanding between that holder or beneficial owner and the Bank with respect to that Note.

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2.250% Senior Notes,
Due November 1, 2024
Royal Bank of Canada

Holders and beneficial owners of any Note wil have no further rights in respect of that Note to the extent that Note is
converted in a bail-in conversion, other than those provided under the bail-in regime, and by its acquisition of an interest in
any Note, each holder or beneficial owner of that Note is deemed to irrevocably consent to the converted portion of the
principal amount of that Note and any accrued and unpaid interest thereon being deemed paid in ful by the Bank by the
issuance of common shares of the Bank (or, if applicable, any of its affiliates) upon the occurrence of a bail-in conversion,
which bail-in conversion wil occur without any further action on the part of that holder or beneficial owner or the trustee;
provided that, for the avoidance of doubt, this consent wil not limit or otherwise affect any rights that holders or beneficial
owners may have under the bail-in regime.

See "Description of Notes We May OfferSpecial Provisions Related to Bail-inable Notes" in the accompanying
prospectus supplement dated September 7, 2018 for a description of provisions applicable to the Notes as a result of
Canadian bail-in powers.

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2.250% Senior Notes,
Due November 1, 2024
Royal Bank of Canada

ADDITIONAL AMOUNTS

We wil pay any amounts to be paid by us on the Notes without deduction or withholding for, or on account of, any and al
present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings
("taxes") now or hereafter imposed, levied, col ected, withheld or assessed by or on behalf of Canada or any Canadian
political subdivision or authority that has the power to tax, unless the deduction or withholding is required by law or by the
interpretation or administration thereof by the relevant governmental authority. At any time a Canadian taxing jurisdiction
requires us to deduct or withhold for or on account of taxes from any payment made under or in respect of the Notes, we
wil pay such additional amounts ("Additional Amounts") as may be necessary so that the net amounts received by each
holder (including Additional Amounts), after such deduction or withholding, shal not be less than the amount the holder
would have received had no such deduction or withholding been required.

However, no Additional Amounts wil be payable with respect to a payment made to a holder of a Note, or of a right to
receive payment in respect thereto (a "Payment Recipient"), which we refer to as an "Excluded Holder," in respect of any
taxes imposed because the beneficial owner or Payment Recipient:

(i) is someone with whom we do not deal at arm's length (within the meaning of the Income Tax Act
(Canada)) at the time of making such payment;

(i ) is subject to such taxes by reason of its being connected presently or formerly with Canada or any
province or territory thereof other than by reason of the holder's activity in connection with purchasing such
Note, the holding of such Note or the receipt of payments thereunder;

(i i) is, or does not deal at arm's length with a person who is, a "specified shareholder" (as defined in
subsection 18(5) of the Income Tax Act (Canada)) of the Bank;

(iv) presents such Note for payment (where presentation is required) more than 30 days after the relevant date
(except to the extent that the holder thereof would have been entitled to such Additional Amounts on
presenting a Note for payment on the last day of such 30 day period); for this purpose, the "relevant date"
in relation to any payments on any Note means:

(a) the due date for payment thereof, or

(b) if the ful amount of the monies payable on such date has not been received by the trustee on or
prior to such due date, the date on which the ful amount of such monies has been received and
notice to that effect is given to holders of the Notes in accordance with the indenture;

(v) could lawful y avoid (but has not so avoided) such withholding or deduction by complying, or requiring that
any agent comply with, any statutory requirements necessary to establish qualification for an exemption
from withholding or by making, or requiring that any agent make, a declaration of non-residence or other
similar claim for exemption to any relevant tax authority; or

(vi) is subject to deduction or withholding on account of any tax, assessment, or other governmental charge
that is imposed or withheld by reason of the application of Sections 1471 through 1474 of the United
States Internal Revenue Code of 1986 (or any successor provisions) (the "Internal Revenue Code"), any
regulation, pronouncement, or agreement thereunder, official interpretations thereof, or any law
implementing an intergovernmental approach thereto, whether currently in effect or as published and
amended from time to time.

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