Obligation Canadian Imperial Bank 2.4% ( US78014RBU32 ) en USD

Canadian Imperial Bank

100 % ▲

Canada

US78014RBU32 ( en USD )

2.4% par an ( paiement semestriel )

23/06/2028

Prospectus brochure de l'obligation Royal Bank of Canada US78014RBU32 en USD 2.4%, échéance 23/06/2028

1 000 USD

3 000 000 USD

78014RBU3

A ( Qualité moyenne supérieure )

A1 ( Qualité moyenne supérieure )

23/06/2025 ( Dans 19 jours )

La Banque Royale du Canada (RBC) est une institution financière multinationale canadienne offrant une large gamme de services financiers, incluant les services bancaires aux particuliers et aux entreprises, la gestion de patrimoine, les marchés des capitaux et l'assurance.

Les obligations de la Royal Bank of Canada (ISIN : US78014RBU32, CUSIP : 78014RBU3), émises au Canada pour un montant total de 3 000 000 USD, affichent un prix actuel de 100 %, un taux d'intérêt de 2,4 %, une maturité fixée au 23 juin 2028, une fréquence de paiement semestrielle, une taille minimale d'achat de 1 000 USD et des notations A (S&P) et A1 (Moody's).

424B2 1 form424b2.htm PS 8NC5 STEP UP CALL 78014RBU3
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 2 7 0 0 1

Pricing Supplement
$3,000,000
Dated December 19, 2019
To the Product Prospectus Supplement FIN-1 Dated
Redeemable Step Up Notes
September 20, 2018, and the Prospectus and Prospectus Supplement, each
Due June 23, 2028
dated September 7, 2018
Royal Bank of Canada

Royal Bank of Canada is offering the Redeemable Step Up Notes (the "Notes") described below.
The CUSIP number for the Notes is 78014RBU3.
The Notes will accrue interest at the following rates during the indicated year of their term:
·
Years 1-5:
2.40% per annum
·
Years 6-7:
2.60% per annum
·
Year 8:
3.00% per annum
·
Year 8.5:
3.25% per annum
We will pay interest on the Notes on June 23 and December 23 of each year (each an "Interest Payment Date"), commencing on
June 23, 2020.
We may call the Notes in whole, but not in part, on December 23, 2021 and on any subsequent Interest Payment Date 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.
The Notes will 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.
Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page S-1 of the prospectus supplement dated
September 7, 2018, "Additional Risk Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement
FIN-1 dated September 20, 2018 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 of 98.70% of the principal amount. See "Supplemental Plan of
Distribution (Conflicts of Interest)" below.
We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on December 23, 2019,
against payment in immediately available funds.
RBC Capital Markets, LLC
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Redeemable Step Up Notes
Royal Bank of Canada

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 H
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:
December 19, 2019
Issue Date:
December 23, 2019
Maturity Date:
June 23, 2028
CUSIP:
78014RBU3
Type of Note:
Step Up Note
Interest Rate:
Years 1-5: 2.40% per annum
Years 6-7: 2.60% per annum
Year 8: 3.00% per annum
Year 8.5: 3.25% per annum
Interest Payment Dates:
Semi-annually, on June 23 and December 23 of each year, commencing on June 23, 2020. If an
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 December 23, 2021 and on any subsequent
Interest Payment Date, upon 10 business days' prior written notice.
Survivor's Option:
Not applicable.
Canadian Bail-in Powers
The Notes are bail-inable notes. See "Specific Terms of the Notes--Agreement with Respect to the
Acknowledgment:
Exercise of Canadian Bail-in Powers."
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 September 20, 2018 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

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RBC Capital Markets, LLC

Redeemable Step Up Notes
Royal Bank of Canada
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"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.
The accompanying product prospectus supplement notes that FATCA withholding on payments of
gross proceeds from a sale or redemption of the Notes will only apply to payments made after
December 31, 2018. That discussion is modified to reflect regulations proposed by the U.S.
Treasury Department indicating an intent to eliminate the requirement under FATCA of withholding
on gross proceeds of the disposition of financial instruments. The U.S. Treasury Department has
indicated that taxpayers may rely on these proposed regulations pending their finalization.
Prospective investors are urged to consult with their own tax advisors regarding the possible
implications of FATCA on their investment in the Notes.
Calculation Agent:
RBC Capital Markets, LLC
Listing:
The Notes will not be listed on any securities exchange.
Clearance and Settlement:
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the
prospectus dated September 7, 2018).
Terms Incorporated in the
All of the terms appearing above the item captioned "Listing" on page P-2 of this pricing
Master Note:
supplement and the terms appearing under the caption "General Terms of the Notes" in the
product prospectus supplement FIN-1 dated September 20, 2018, as modified by this pricing
supplement.

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RBC Capital Markets, LLC

Redeemable Step Up Notes
Royal Bank of Canada

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 September 7, 2018, as supplemented by the
prospectus supplement dated September 7, 2018 and the product prospectus supplement FIN-1 dated September 20, 2018,
relating to our Senior Global Medium-Term Notes, Series H, 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
September 7, 2018, "Additional Risk Factors Specific to the Notes" in the product prospectus supplement FIN-1 dated September
20, 2018 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 September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Product Prospectus Supplement FIN-1 dated September 20, 2018:
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https://www.sec.gov/Archives/edgar/data/1000275/000114036118038802/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, the "Company," the "Bank,"
"we," "us," or "our" refers to Royal Bank of Canada.

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RBC Capital Markets, LLC

Redeemable Step Up Notes
Royal Bank of Canada

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 September 20, 2018 and the prospectus supplement dated September 7, 2018. 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,
and you will not receive any further payments on the Notes.
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.

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RBC Capital Markets, LLC

Redeemable Step Up Notes
Royal Bank of Canada

AGREEM EN T WI T H RESPECT T O T H E EX ERCI SE OF CAN ADI AN BAI L-I N
POWERS
By its acquisition of the Notes, each holder or beneficial owner 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; (ii) attorn and
submit to the jurisdiction of the courts in the Province of Ontario with respect to the CDIC Act and those laws; and (iii) acknowledge
and agree that the terms referred to in paragraphs (i) and (ii), 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.
Holders and beneficial owners of any Note will 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
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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 full 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 will 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 will 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 Offer?Special 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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RBC Capital Markets, LLC

Redeemable Step Up Notes
Royal Bank of Canada

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 December 23, 2019, 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 September 7, 2018. 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 September 7, 2018.
After the initial offering of the Notes, the price to the public may change.
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.
Each of RBCCM and any other broker-dealer offering the Notes have not offered, sold or otherwise made available and will not
offer, sell or otherwise make available any of the Notes to, any retail investor in the European Economic Area ("EEA"). For these
purposes, the expression "offer" includes the 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 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
Regulation (EU) (2017/1129) (the "Prospectus Regulation"). 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.

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RBC Capital Markets, LLC

Redeemable Step Up Notes
Royal Bank of Canada

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
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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 September 7, 2018, which has been filed as
Exhibit 5.1 to Royal Bank's Form 6-K filed with the SEC dated September 7, 2018.
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 September 7, 2018, which has been filed as Exhibit 5.2 to the
Bank's Form 6-K dated September 7, 2018.

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RBC Capital Markets, LLC
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