Bond Royal Bank of Canada 0% ( US78008SE939 ) in USD

Royal Bank of Canada

100 % ⇌

Canada

US78008SE939 ( in USD )

27/03/2033

Prospectus brochure of the bond Royal Bank of Canada US78008SE939 en USD 0%, maturity 27/03/2033

1 000 USD

10 000 000 USD

78008SE93

AA- ( High grade - Investment-grade )

The Royal Bank of Canada (RBC) is a Canadian multinational financial services company offering personal and commercial banking, wealth management, insurance, and investment banking services globally.

The Bond issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78008SE939, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 27/03/2033

The Bond issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78008SE939, was rated NR by Moody's credit rating agency.

The Bond issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78008SE939, was rated AA- ( High grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

a325130424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465913001616...
424B2 1 a325130424b2.htm 20NC6M LEVERAGED CMS STEEPENER NOTES

RBC Capital Markets®
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-171806

Pricing Supplement

$10,000,000

Dated March 22, 2013
Redeemable Leveraged Steepener Notes,

to the Product Prospectus Supplement FIN-1 Dated
Due March 27, 2033
January 28, 2011, Prospectus Dated January 28, 2011,
Royal Bank of Canada
and Prospectus Supplement Dated January 28, 2011

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

The CUSIP number for the Notes is 78008SE93.

The Notes wil pay interest semi-annual y, on March 27th and September 27th of each year, commencing on September 27, 2013. 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 2 year
CMS rate, minus 0.50%. Interest wil accrue at the fol owing rates during the indicated years of the term of the Notes:

·
Year 1:
6.00% per annum

·
Year 2-20:
The Reference Rate multiplied by 4; provided that the interest rate can never be less than 0.00% or greater than 6.00% per
annum.

We may cal the Notes in whole, but not in part, on September 27, 2013, March 27, 2014, March 27, 2019, March 27, 2024 and March 27, 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 1 of the prospectus supplement dated January 28, 2011, and "Additional Risk Factors Specific to the Notes" beginning on page PS-5 of the
product prospectus supplement FIN-1 dated January 28, 2011.

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.

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 97% of the principal amount. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page P-9
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 or about March 27, 2013, against payment
in immediately available funds.

RBC Capital Markets, LLC

1 of 10
3/26/2013 9:46 AM

a325130424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465913001616...

Redeemable Leveraged
Steepener Notes,
Due March 27, 2033

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 E

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:
March 22, 2013

Issue Date:
March 27, 2013

Maturity Date:
March 27, 2033

CUSIP:
78008SE93

Interest Rate:
Year 1:
6.00% per annum

Year 2-20:
The value of the Reference Rate multiplied by 4; provided that the interest rate can never be less than
0.00% or greater than 6.00% per annum.

Reference Rate:
High-Side Reference Rate minus Low-Side Reference Rate minus 0.50%

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

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

Type of Note:
Your Notes are cal ed a "Leveraged Steepener Note" because, from the beginning of year 2 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
0.50%. If the High-Side Reference Rate does not exceed the Low-Side Reference Rate by at least 0.50%, 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 0.50%, YOU WILL NOT
RECEIVE A COUPON PAYMENT.

Interest Determination
Five U.S. government securities settlement days prior to the beginning of each interest period, beginning in the second
Dates:
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 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
2 of 10
3/26/2013 9:46 AM

a325130424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465913001616...

Redeemable Leveraged
Steepener Notes,
Due March 27, 2033

Interest Payment
Semi-annual y, in arrears, on March 27th and September 27th of each year, commencing on September 27, 2013 and
Dates:
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 September 27, 2013, March 27, 2014, March 27, 2019, March 27,
2024 and March 27, 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 January 28, 2011 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 exceeds 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 exceeds 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 described under
Settlement:
"Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus dated January 28, 2011).

Terms Incorporated in
Al of the terms appearing above the item captioned "Listing" on pages P-2 and P-3 of this pricing supplement and the
the Master Note:
applicable terms appearing under the caption "General Terms of the Notes" in the product prospectus supplement FIN-1
dated January 28, 2011, as modified by this pricing supplement.

RBC Capital Markets, LLC
P-3
3 of 10
3/26/2013 9:46 AM

a325130424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465913001616...

Redeemable Leveraged
Steepener Notes,
Due March 27, 2033

ADDITIONAL TERMS OF YOUR NOTES

You should read this pricing supplement together with the prospectus dated January 28, 2011, as supplemented by the prospectus supplement
dated January 28, 2011 and the product prospectus supplement FIN-1 dated January 28, 2011, relating to our Senior Global Medium-Term Notes, Series
E, 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 January 28, 2011, "Additional Risk Factors Specific to the Notes" in the product prospectus
supplement FIN-1 dated January 28, 2011, and "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 January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000309/f127115424b3.htm
Prospectus Supplement dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000311/m127114424b3.htm
Product Prospectus Supplement FIN-1 dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000316/m127115424b5.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
4 of 10
3/26/2013 9:46 AM

a325130424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465913001616...

Redeemable Leveraged
Steepener Notes,
Due March 27, 2033

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 two
semi-annual interest payments.

The Reference Rate was 2.105% on March 22, 2013. The graph below sets forth the historical performance of the Reference Rate from March
22, 1995 through March 22, 2013.

Source: Bloomberg L.P.

Historical Period

Total number of days in the historical period
6,572 days
Number of days the High-Side Reference Rate was greater than the Low-Side Reference Rate by at least 0.50%
5,336 days
Number of days the High-Side Reference Rate was not greater than the Low-Side Reference Rate by at least 0.50%
1,236 days

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 0.50% on one or more specific Interest Determination Dates after the first year of the term of the Notes.

RBC Capital Markets, LLC
P-5
5 of 10
3/26/2013 9:46 AM

a325130424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465913001616...

Redeemable Leveraged
Steepener Notes,
Due March 27, 2033

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 first
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 0.50%
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

RBC Capital Markets, LLC
P-6
6 of 10
3/26/2013 9:46 AM

a325130424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465913001616...

Redeemable Leveraged
Steepener Notes,
Due March 27, 2033

Hypothetical Difference between the High- Side
Hypothetical Interest
Hypothetical Semi-Annual
minus Low-Side Reference Rates minus 0.50%
Rate (per annum)
Interest Payment

1.45%
5.80%
$29.00

1.60%
6.00%
$30.00

1.75%
6.00%
$30.00

1.90%
6.00%
$30.00

2.05%
6.00%
$30.00

2.20%
6.00%
$30.00

2.35%
6.00%
$30.00

2.50%
6.00%
$30.00

2.65%
6.00%
$30.00

2.80%
6.00%
$30.00

2.95%
6.00%
$30.00

3.10%
6.00%
$30.00

3.25%
6.00%
$30.00

RBC Capital Markets, LLC
P-7
7 of 10
3/26/2013 9:46 AM

a325130424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465913001616...

Redeemable Leveraged
Steepener Notes,
Due March 27, 2033

RISK FACTORS

The Notes involve risks not associated with an investment in ordinary floating rate notes. An investment in Redeemable Leveraged Steepener
Notes entails significant risks not associated with similar investments in a conventional debt security, including, but not limited to, fluctuations in the
High-Side Reference Rate and the Low-Side Reference Rate and other events that are difficult to predict and beyond our control. This section describes
the most significant risks relating to the terms of the Notes. For additional information as to the risks related to an investment in the Notes, please see the
accompanying product prospectus supplement, prospectus supplement and prospectus. You should careful y 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 advisers as
to the risks entailed by an investment in the Notes and the suitability of the Notes in light of their particular circumstances.

After the First Year of the Notes, the Amount of Interest Payable Is Uncertain and Could Be 0.00%. During the variable interest rate period,
the amount of interest payable on the Notes in any interest period wil depend on whether and the extent to which the High-Side Reference Rate is greater
than the Low-Side Reference Rate on the related interest determination date. If the High-Side Reference Rate does not exceed the Low-Side Reference
Rate by at least 0.50% on any interest determination date, the rate of interest payable for the related interest payment period wil be 0%. If the difference
between the High-Side Reference Rate and the Low-Side Reference Rate exceeds 0.50% by only a small amount, the interest payment for the applicable
interest period wil be limited. As a result, the effective yield on the Notes may be less than what would be payable on our conventional notes of
comparable maturity. The actual interest payments on the Notes and return of only the principal amount at maturity may not compensate you for the
effects of inflation and other factors relating to the value of money over time.

The Amount of Interest Payable on the Notes in Any Interest Period Is Capped. The interest rate on the Notes for each semi-annual interest
period during the variable interest rate period is capped for that period at the maximum interest rate of 6.00% per annum, and, due to the leverage factor,
you wil not receive the benefit of any increase in the difference between the High-Side and Low-Side Reference Rates above the level of 2.00% on any
interest determination date (because 6.00% divided by 4 is 1.50% and 0.50% wil be subtracted from the difference between the High-Side and Low-Side
Reference Rates). Accordingly, you could receive less than 6.00% per annum interest for any given ful year even when the difference between the
High-Side Reference Rate and the Low-Side Reference Rate increases substantial y in a semi-annual interest period during that year if the difference
between these rates in the other interest periods in that year do not also increase substantial y, as you wil not receive the ful benefit of the outperforming
period due to the interest rate cap.

The Notes Are Subject to Early Redemption at Our Option. Royal Bank has the option to redeem the Notes on the Cal Dates set forth above.
It is more likely that Royal Bank wil redeem the Notes prior to their stated maturity date to the extent that the difference between the High-Side Reference
Rate and the Low-Side Reference Rate during the term of the Notes results in an amount of interest payable that is greater than instruments of a
comparable maturity and credit rating trading in the market. If the Notes are redeemed prior to their stated maturity date, you wil not receive any interest
payments on the Notes after the redemption date and you may have to reinvest the proceeds in a lower interest rate environment.

Investors Are Subject to Our Credit Risk, and Our Credit Ratings and Credit Spreads May Adversely Affect the Market Value of the
Notes. Investors are dependent on Royal Bank's ability to pay al amounts due on the Notes on 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.

RBC Capital Markets, LLC
P-8
8 of 10
3/26/2013 9:46 AM

a325130424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465913001616...

Redeemable Leveraged
Steepener Notes,
Due March 27, 2033

SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)

We expect that delivery of the Notes wil be made against payment for the Notes on or about March 27, 2013, which is the third (3rd) business
day fol owing the Pricing Date (this settlement cycle being referred to as "T+3"). For additional information as to the relationship between us and RBC
Capital Markets, LLC please see the section "Plan of DistributionConflicts of Interest" in the prospectus dated January 28, 2011.

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 wil 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.

SUPPLEMENTAL DISCUSSION OF
U.S. FEDERAL INCOME TAX CONSEQUENCES

The fol owing disclosure supplements the discussion in the product prospectus supplement dated January 28, 2011 under "Supplemental Discussion of
U.S. Federal Income Tax Consequences."

Foreign Account Tax Compliance Act. The Internal Revenue Service has issued notices and the Treasury Department has issued final regulations
affecting the legislation enacted on March 18, 2010 and discussed in the product prospectus supplement under "Supplemental Discussion of U.S. Federal
Income Tax Consequences-- Supplemental U.S. Tax Considerations--Legislation Affecting Taxation of Notes Held By or Through Foreign
Entities." Pursuant to the final regulations, withholding requirements with respect to payments made on the Notes wil general y begin no earlier than
January 1, 2014, and the withholding tax wil not be imposed on payments pursuant to obligations outstanding on January 1, 2014. Account holders
subject to information reporting requirements pursuant to the Foreign Account Tax Compliance Act may include holders of the Notes. Holders are urged to
consult their own tax advisors regarding the implications of this legislation and subsequent guidance on their investment in the Notes.

RBC Capital Markets, LLC
P-9
9 of 10
3/26/2013 9:46 AM

a325130424b2.htm
http://www.sec.gov/Archives/edgar/data/1000275/000121465913001616...

Redeemable Leveraged
Steepener Notes,
Due March 27, 2033

VALIDITY OF THE NOTES

In the opinion of Norton Rose 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, the Notes wil
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 wil be valid obligations of the Bank, subject to applicable bankruptcy, insolvency and other laws of general application affecting
creditors' rights, equitable principles, and subject 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 Quebec 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, al as stated in the letter of such counsel dated March 6, 2012, which has been
filed as Exhibit 5.1 to Royal Bank's Form 6-K filed with the SEC on March 6, 2012.

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 wil 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 March 6, 2012, which has been filed as Exhibit 5.2 to the Bank's Form 6-K dated March
6, 2012.

RBC Capital Markets, LLC
P-10
10 of 10
3/26/2013 9:46 AM