Bond Royal Bank of Canada 0% ( US78014RBB50 ) in USD

Royal Bank of Canada

100 % ⇌

Canada

US78014RBB50 ( in USD )

06/09/2024 - Bond has expired

Prospectus brochure of the bond Royal Bank of Canada US78014RBB50 in USD 0%, expired

1 000 USD

5 600 000 USD

78014RBB5

A ( Upper medium grade - Investment-grade )

A1 ( Upper medium 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 US78014RBB50, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 06/09/2024

The Bond issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78014RBB50, was rated A1 ( Upper medium grade - Investment-grade ) by Moody's credit rating agency.

The Bond issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78014RBB50, was rated A ( Upper medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

424B2 1 form424b2.htm FLOATING RATE NOTES 78014RBB5
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

Preliminary Pricing Supplement
$
Subject to Completion:
Dated August 29, 2019
Floating Rate Notes with Cap and Floor,
Due September 6, 2024
To the Product Prospectus Supplement FIN-1 Dated September 20, 2018,
Royal Bank of Canada
and the Prospectus and Prospectus Supplement, each dated September
7, 2018

Royal Bank of Canada is offering the Floating Rate Notes with Cap and Floor (the "Notes") described below.
The CUSIP number for the Notes is 78014RBB5.
The Notes will pay interest quarterly, on the 6th day of March, June, September and December of each year, commencing on
December 6, 2019 and ending on the Maturity Date. Interest will accrue at a rate equal to 3 Month U.S. dollar LIBOR + 0.40%,
subject to the Cap and the Floor.
The Cap will be 4.00% per annum.
The Floor will be 1.50% per annum.
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-6 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 will offer the Notes at varying public offering prices related to prevailing market prices, and will purchase
the Notes from us on the Issue Date at a purchase price that is expected to be between 99.50% and 100% 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 September 6, 2019,
against payment in immediately available funds.
RBC Capital Markets, LLC

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Floating Rate Notes with Cap and Floor
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")
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:
September 4, 2019
Issue Date:
September 6, 2019
Maturity Date:
September 6, 2024
Interest Rate:
3 Month U.S. dollar LIBOR + 0.40%, subject to the Cap and the Floor.
Reference Rate:
3 Month U.S. dollar LIBOR, as reported on Reuters Page LIBOR01 or any successor page
Determination of
For additional information as to the determination of the Reference Rate and the calculation of interest,
LIBOR:
see the discussion below in the section "Determination of 3 Month LIBOR," and the section "Description of
the Notes We May Offer--Interest Rates--Floating-Rate Notes--LIBOR Notes" in the accompanying
prospectus supplement.
Spread:
0.40%
Cap:
4.00% per annum
Floor:
1.50% per annum
Day Count Fraction:
30/360
Type of Note:
Floating Rate Notes with Cap and Floor
Interest Payment
Quarterly, in arrears, on the 6th day of March, June, September and December of each year, commencing
Dates:
on December 6, 2019 and ending on the Maturity Date. If any Interest Payment Date is not a New York
business day, interest will be paid on the next New York business day as further discussed beginning on
page S-20 of the prospectus supplement, without adjustment for period end dates and no additional
interest will be paid in respect of the postponement.
Interest Periods:
Each period from and including an Interest Payment Date (or, for the first period, the Settlement Date) to
but excluding the next following Interest Payment Date.
Interest Determination The Reference Rate is set two London business days prior to the start of the applicable Interest Period.
Dates:
Redemption:
Not Applicable. The Notes are not redeemable prior to maturity.

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RBC Capital Markets, LLC

Floating Rate Notes with Cap and Floor
Royal Bank of Canada
Survivor's Option:
Not Applicable.
Canadian Bail-in
The Notes are bail-inable notes. See "Specific Terms of the Notes--Agreement with Respect to the
Powers
Exercise of Canadian Bail-in Powers."
Acknowledgment:
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U.S. Tax Treatment:
We intend to take the position that the Notes will be treated as variable rate debt instruments providing for

a qualified floating rate for U.S. federal income tax purposes. Under this characterization, the Notes may
be issued with de minimis OID. Please see the discussion in the accompanying prospectus dated
September 7, 2018 under the section entitled "Tax Consequences--United States Taxation" and
specifically the discussion under "Tax Consequences--United States Taxation--Original Issue Discount--
Variable Rate Debt Securities," and in the product prospectus supplement FIN-1 dated September 20,
2018 (including the opinion of our counsel Morrison & Foerster LLP) under "Supplemental Discussion of
U.S. Federal Income Tax Consequences" and specifically the discussion under "Supplemental Discussion
of U.S. Federal Income Tax Consequences--Supplemental U.S. Tax Considerations--Where the term of
your notes will exceed one year--Fixed Rate Notes, Floating Rate Notes, Inverse Floating Rate Notes,
Step Up Notes, Leveraged Notes, Range Accrual Notes, Dual Range Accrual Notes and Non-Inversion
Range Accrual Notes," and "Supplemental Discussion of U.S. Federal Income Tax Consequences--
Supplemental U.S. Tax Considerations--Where the term of your notes will exceed one year--Sale,
Redemption or Maturity of Notes that Are Not Treated as Contingent Payment Debt Instruments," which
apply to your Notes.
Calculation Agent:
RBC Capital Markets, LLC.
Listing:
The Notes will not be listed on any securities exchange.
Clearance and
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as
Settlement:
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus
dated September 7, 2018).
Terms Incorporated in All of the terms appearing above the item captioned "Listing" on pages P-2 and P-3 of this pricing
the Master Note:
supplement and the applicable 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

Floating Rate Notes with Cap and Floor
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.
Royal Bank of Canada has filed a registration statement (including a product prospectus supplement, a prospectus supplement, and
a prospectus) with the SEC for the offering to which this terms supplement relates. Before you invest, you should read those
documents and the other documents relating to this offering that we have filed with the SEC for more complete information about
us and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, Royal Bank of Canada, any agent or any dealer participating in this offering will arrange to send you the product
prospectus supplement, the prospectus supplement and the prospectus if you so request by calling toll-free at 1-877-688-2301.

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Floating Rate Notes with Cap and Floor
Royal Bank of Canada
ADDI T I ON AL RI SK FACT ORS
The Notes involve risks not associated with an investment in ordinary floating rate notes. 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 FIN-1 dated September 20, 2018 and the prospectus supplement and
prospectus, each 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.
T he Am ount of I nt e re st Pa ya ble on t he N ot e s I s Ca ppe d. The interest rate on the Notes for each quarterly interest
period is capped for that period at the interest rate set forth on the cover of this pricing supplement. Thus, you will not benefit from
three-month U.S. dollar LIBOR being greater than the difference between the Cap and the Spread in any quarterly Interest Period.
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
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.
T he N ot e s M a y Be Adve rse ly Affe c t e d by Cha nge s in LI BOR Re port ing Pra c t ic e s or t he M e t hod in Whic h
LI BOR I s De t e rm ine d. On July 27, 2017, the Financial Conduct Authority (the "FCA") announced its intention to phase out
LIBOR rates by the end of 2021. It is not possible to predict the further effect of the FCA Rules (as defined in the accompanying
prospectus supplement), any changes in the methods by which the LIBOR is determined, or any other reforms to LIBOR that may
be enacted in the U.K., the EU and elsewhere, each of which may adversely affect the trading market for the Notes. Any such
developments may cause LIBOR to perform differently than in the past, or cease to exist. In addition, any other legal or regulatory
changes made by the FCA, ICE Benchmark Administration Limited, the European Money Markets Institute (formerly Euribor-EBF),
the European Commission or any other successor governance or oversight body, or future changes adopted by such body, in the
method by which LIBOR is determined or the transition from LIBOR to a successor benchmark may result in, among other things, a
sudden or prolonged increase or decrease in LIBOR, a delay in the publication of LIBOR, trigger changes in the rules or
methodologies in LIBOR discouraging market participants from continuing to administer or to participate in LIBOR's determination,
and, in certain situations, could result in LIBOR no longer being determined and published. Accordingly, such proposals for reform
and changes could have a material adverse effect on the value of and return on the Notes (including potential rates of interest
thereon).
If a published 3-month U.S. dollar LIBOR rate is unavailable after 2021, the Reference Rate on the Notes will be determined using
the alternative methods set forth in the accompanying prospectus supplement under "Description of the Notes We May Offer--
Interest Rates--Floating-Rate Notes--LIBOR Notes." Any of these alternative methods may result in interest payments that are
lower than or that do not otherwise correlate over time with the payments that would have been made on the Notes if 3-month
U.S. dollar LIBOR was available in its current form. Further, the same costs and risks

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Floating Rate Notes with Cap and Floor
Royal Bank of Canada
that may lead to the discontinuation or unavailability of 3-month U.S. dollar LIBOR may make one or more of the alternative
methods impossible or impracticable to determine. If, as set forth below and in the accompanying prospectus supplement under
"Description of the Notes We May Offer--Interest Rates--Floating-Rate Notes--LIBOR Notes," a published 3-month U.S. dollar
LIBOR rate is unavailable and banks are unwilling to provide quotations for the calculation of LIBOR, the alternative method sets
the interest rate for an Interest Period as the same rate as the immediately preceding interest period, which could remain in effect
for the remaining term of the Notes, and the value of the Notes may be adversely affected.

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Floating Rate Notes with Cap and Floor
Royal Bank of Canada
H I ST ORI CAL REFEREN CE RAT E I N FORM AT I ON
Historically, the Reference Rate has experienced significant fluctuations. Any historical upward or downward trend in the level of the
Reference Rate 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.
The Reference Rate was 2.117% on August 27, 2019. The graph below sets forth the historical performance of the Reference Rate
from January 1, 2014 to August 27, 2019.
Source: Bloomberg L.P.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
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Floating Rate Notes with Cap and Floor
Royal Bank of Canada
DET ERM I N AT I ON OF 3 M ON T H LI BOR
As discussed in the prospectus supplement, 3 Month LIBOR will be determined as follows:
·
3 Month LIBOR will be the offered rate appearing on the Reuters Page LIBOR01 as of 11:00 A.M., London time, on the
relevant interest determination date, for deposits in U.S. dollars beginning on the relevant interest reset date.
·
If the rate described above does not appear on that page, then 3 Month LIBOR will be determined on the basis of the
rates, at approximately 11:00 A.M., London time, on the relevant interest determination date, at which deposits of the
following kind are offered to prime banks in the London interbank market by four major banks in that market selected by
the calculation agent: 3 month deposits in U.S. dollars, beginning on the relevant interest reset date, and in a
representative amount. The calculation agent will request the principal London office of each of these banks to provide a
quotation of its rate. If at least two quotations are provided, 3 Month LIBOR for the relevant interest determination date will
be the arithmetic mean of the quotations.
·
If fewer than two quotations are provided as described above, 3 Month LIBOR for the relevant interest reset date will be
the arithmetic mean of the rates for loans of the following kind to leading European banks quoted, at approximately 11:00
A.M., in New York, New York, on that interest determination date, by three major banks in that financial center selected by
the calculation agent: 3 month loans in U.S. dollars, beginning on the relevant interest reset date and in a representative
amount.
·
If fewer than three banks selected by the calculation agent are quoting as described above, 3 Month LIBOR for the new
interest period will be the rate in effect for the prior interest period.
Notwithstanding the foregoing, if we, in consultation with the calculation agent, determine that 3 Month LIBOR has been
permanently discontinued, the calculation agent will use, as a substitute for LIBOR and for each future interest determination date,
an alternative rate. As part of such substitution, the calculation agent will, after consultation with us, make such adjustments to the
alternative rate or the spread thereon, as well as the business day convention, interest determination dates and related provisions
and definitions, in each case that are consistent with accepted market practice for the use of such alternative rate for debt
obligations such as the Notes; provided however that if the calculation agent determines, and following consultation with us, that
there is no clear market consensus as to whether any rate has replaced 3 Month LIBOR in customary market usage, we will
appoint in our sole discretion an investment bank of national standing in the United States (which may be one of our affiliates) to
determine an appropriate alternative rate, and the decision of such investment bank will be binding on us, the calculation agent and
the holders of the Notes. If, however, the calculation agent determines that 3 Month LIBOR has been discontinued, but for any
reason an alternative rate has not been determined, 3 Month LIBOR will be equal to such rate on the interest determination date
when LIBOR was last available on the Reuters LIBOR01 Page, as determined by the calculation agent.
For purposes of the prior paragraph, the term "alternative rate" means the alternative reference rate selected by the central bank,
reserve bank, monetary authority or any similar institution (including any committee or working group thereof) in the jurisdiction of
the applicable index currency that is consistent with accepted market practice in the event that 3 Month LIBOR is permanently
discontinued.
For additional information about the calculation of interest on the Notes, please see the section of the prospectus supplement,
"Description of the Notes We May Offer--Interest Rates--Floating-Rate Notes--LIBOR Notes."

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Floating Rate Notes with Cap and Floor
Royal Bank of Canada
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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
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

Floating Rate Notes with Cap and Floor
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 September 6, 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.
RBCCM and each dealer through which we may offer the Notes has not offered, sold or otherwise made available and will not
offer, sell or otherwise make available any 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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Document Outline

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