Obbligazione Canadian Imperial Bank 1.15% ( US78015K7H17 ) in USD

Canadian Imperial Bank

99.875 USD ▲

Canada

US78015K7H17 ( in USD )

1.15% per anno ( pagato 2 volte l'anno)

09/06/2025 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78015K7H17 in USD 1.15%, scaduta

2 000 USD

1 500 000 000 USD

78015K7H1

A ( Upper medium grade - Investment-grade )

A1 ( 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 US78015K7H17, pays a coupon of 1.15% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 09/06/2025

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78015K7H17, was rated A1 ( 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 US78015K7H17, was rated A ( Upper medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

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424B2 1 g63201424b2.htm SENIOR NOTES

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

Pricing Supplement
$ 1,500,000,000

1.150% Senior Notes,
Dated June 3, 2020
Due June 10, 2025

Royal Bank of Canada
To the Prospectus Dated September 7, 2018 and
Prospectus

Supplement Dated September 7, 2018

We wil pay interest on the 1.150% Senior Notes, due June 10, 2025, which we refer to in this pricing supplement as the Notes,
semi-annual y on June 10 and December 10 of each year. We wil make the first interest payment on December 10, 2020. The
Notes wil mature on June 10, 2025. 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 78015K7H1.
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
99.652%
$ 1,494,780,000
Underwriting discount
0.250%
$ 3,750,000
Proceeds to Royal Bank of Canada
99.402%
$ 1,491,030,000
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
June 10, 2020, against payment in immediately available funds.

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Lead Managers and Joint Book Runners
RBC Capital Markets
BofA Securities
J.P. Morgan
Wells Fargo Securities

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1.150% Senior Notes,
Due June 10, 2025
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:
1.150% Senior Notes, due June 10, 2025

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:
June 3, 2020

Issue Date:
June 10, 2020

Maturity Date:
June 10, 2025

CUSIP / ISIN / Common
78015K7H1 / US78015K7H17 / 218840205
Code:

Interest Rate:
For each Interest Period (as defined below), the Notes wil bear interest at the fixed rate of
1.150% per annum.

Interest Payment Dates:
Semi-Annual y, on each June 10 and December 10, beginning on December 10, 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.

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1.150% Senior Notes,
Due June 10, 2025
Royal Bank of Canada

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.

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, BofA Securities, Inc., J.P. Morgan Securities LLC and Wel s
Book Runners:
Fargo Securities, LLC

Public Offering Price:
99.652%

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. 78015K7H1, the ISIN
No. US78015K7H17 and the Common Code No. 218840205.

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1.150% Senior Notes,
Due June 10, 2025
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.

COVID-19 has materially impacted and is expected to continue to materially impact, and other epidemics or
pandemics may impact, the global economy and/or financial markets. COVID-19 has adversely affected, and is
expected to continue to adversely affect, us, and could result in losses on the Notes and/or adversely affect,
potentially materially, your ability to resell your Notes.

On March 11, 2020, the World Health Organization declared the outbreak of a strain of novel coronavirus, COVID-19, a
global pandemic. The spread of the COVID-19 pandemic has adversely affected our business and caused uncertainty in
the global economy and it continues to pose risks to the global economy, our clients and our business operations.
Governments and regulatory bodies in affected areas have imposed a number of measures designed to contain the
pandemic, including widespread business closures, travel restrictions, quarantines, and restrictions on gatherings and
events. These measures are significantly impacting global economic activity and contributing to increased market volatility
and changes to the macroeconomic environment. As impacts continue to materialize, the effects of the disruption on our
business strategies and initiatives have adversely affected and may continue to adversely affect our financial results,
including the realization of credit, market, or operational risk losses.

Governments, monetary authorities, regulators and financial institutions, including us, have taken actions to support the
economy and financial system. These actions include fiscal, monetary and other financial measures to increase liquidity,
and provide financial aid to individual, smal business, commercial and corporate clients. Additional y, regulatory relief
measures in support of financial institutions has also been provided.

We are closely monitoring the potential continued effects and impacts of the COVID-19 pandemic, which is a rapidly
evolving situation. Uncertainty remains as to the ful impacts of COVID-19 on the global economy, financial markets, and
us, including on our financial results, regulatory capital and liquidity ratios and ability to meet regulatory and other
requirements. The ultimate impacts wil depend on future developments that are highly uncertain and cannot be predicted,
including the scope, severity, duration and the possibility of subsequent waves of the pandemic, and the effectiveness of
actions and measures taken by government, monetary and regulatory authorities and other third parties. With respect to
client relief programs, we may face chal enges, including increased risk of client disputes, litigation, government and
regulatory scrutiny as a result of the effects of the COVID-19 pandemic on market and economic conditions and actions
government authorities take in response to those actions. We may also face increased operational and reputational risk
and financial losses such as higher credit losses amongst other things, depending on the effectiveness of these programs
for our individual, smal business, commercial and corporate clients. The effectiveness of these programs wil depend on
the duration and scale of COVID-19 and wil vary by region and industry, with varying degrees of benefit to our clients.

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1.150% Senior Notes,
Due June 10, 2025
Royal Bank of Canada

The COVID-19 pandemic has and may continue to result in disruptions to our clients and the way in which we conduct our
business, including the closure of certain branches, increased staff working off premise, and changes to our operations
due to higher volumes of client requests, as wel as disruptions to key suppliers of our goods and services. These factors
have and may continue to adversely impact our business operations and the quality and continuity of service to customers.
To date, we have taken proactive measures through our business continuity plans and our crisis management teams have
increased their efforts to preserve the wel -being of our employees and our ability to serve clients. Additional y, we have
launched various relief programs beyond the available government programs to further support our clients in financial
need.

In addition to the impact that the COVID-19 pandemic has on our business, it may also continue to increase financial
stress on our clients. This could lead to increased pressure on our individual clients as wel as on the financial performance
of our smal business, commercial and corporate clients in conjunction with operational constraints due to the impacts of
social distancing, including but not limited to continued closures or reduced operating hours, lost sales opportunities and/or
increased operating costs, which could result in higher than expected credit losses for us.

If the COVID-19 pandemic is prolonged, including the possibility of subsequent waves, or further diseases emerge that
give rise to similar effects, the adverse impact on the economy could deepen and result in further volatility and declines in
financial markets. Moreover, it remains uncertain how the macroeconomic environment, societal and business norms wil
be impacted fol owing this pandemic. Unexpected developments in financial markets, regulatory environments, or
consumer behavior and confidence may have adverse impacts on our financial results and condition, business operations
and reputation, for a substantial period of time.

In virtual y al aspects of our operations, our view of risks is not static. Consistent with our Enterprise Risk Management
Framework (ERMF), we continue to evaluate top risks which are evolving and emerging risks arising from the impacts of
the COVID-19 pandemic, including:

·
Information Technology (IT) and Cyber risks have increased as malicious activities are creating more threats for
cyberattacks including COVID-19 phishing emails, malware-embedded mobile apps that purport to track infection
rates, and targeting of vulnerabilities in remote access platforms as companies move to telework arrangements.
Our IT and cyber controls are operating effectively and we are continuing to monitor the threat landscape.

·
Privacy, Data and Third Party risks have also heightened as the use of telework arrangements have become
common practice. As our employees continue to work from home, we are continuously monitoring and enforcing
best practices as we seek to maintain the privacy and confidentiality of al sensitive information. Our security
awareness program is required to be completed by each employee annual y and includes cyber awareness
training on managing risks while working remotely. Third party providers critical to our operations are being
monitored for any impact on their ability to deliver services, including fourth party risk.

·
Canadian Housing and Household Indebtedness risks have increased as a result of a rise in unemployment and
decline in labor participation. While interest rate cuts, government support programs and relief programs offered by
banks wil help many households, concerns related to housing affordability in certain markets and levels of
Canadian household debt were already elevated before the additional chal enges brought on by the COVID-19
pandemic and could continue to rise if the COVID-19 pandemic worsens, resulting in, among other things, higher
credit losses.

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1.150% Senior Notes,
Due June 10, 2025
Royal Bank of Canada

To the extent that the COVID-19 pandemic, or any future epidemics or pandemics, causes material adverse impacts to us,
the global economy, and/or financial markets, it could result in losses on the Notes, as wel as market volatility and adverse
effects on liquidity in the market for the Notes, any of which may affect your ability to resel 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 or Quotation System and Secondary Trading May Be
Limited.

The Notes wil not be listed on any securities exchange or quotation system. 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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1.150% Senior Notes,
Due June 10, 2025
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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Due June 10, 2025
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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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