Obbligazione Royal Bank of Canada 3.5% ( US78008SFA96 ) in USD

Emittente Royal Bank of Canada
Prezzo di mercato refresh price now   99.125 USD  ▲ 
Paese  Canada
Codice isin  US78008SFA96 ( in USD )
Tasso d'interesse 3.5% per anno ( pagato 2 volte l'anno)
Scadenza 02/10/2028



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78008SFA96 en USD 3.5%, scadenza 02/10/2028


Importo minimo 1 000 USD
Importo totale 21 510 000 USD
Cusip 78008SFA9
Standard & Poor's ( S&P ) rating AA- ( High grade - Investment-grade )
Moody's rating N/A
Coupon successivo 02/10/2025 ( In 161 giorni )
Descrizione dettagliata 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 Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78008SFA96, pays a coupon of 3.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 02/10/2028
The Obbligazione issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78008SFA96, was rated AA- ( High grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







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424B2 1 j928121424b2.htm 16NC6M STEP UP NOTES 78008SFA9



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












$21,510,000

Dated September 27, 2012
Redeemable Step Up Notes,

Due October 2, 2028
to the Product Prospectus Supplement FIN-1 Dated
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 Step Up Notes (the "Notes") described below.

The CUSIP number for the Notes is 78008SFA9.

The Notes will accrue interest at the following rates during the indicated year of their term:

·
Years 1-6:
3.00% per annum

·
Years 7-11:
3.50% per annum

·
Years 12-16:
4.75% per annum

We will pay interest on the Notes on April 2nd and October 2nd of each year (each an "Interest Payment Date"), commencing on
April 2, 2013.

We may call the Notes in whole, but not in part, on April 2, 2013, October 2, 2013, October 2, 2018, and October 2, 2023 upon 10
business days prior written notice. Any payments on the Notes are subject to our credit risk.

The Notes will not be listed on any U.S. securities exchange.

Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page 1 of the prospectus supplement dated
January 28, 2011, "Additional Risk Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement
FIN-1 dated January 28, 2011 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 purchase prices that will be between 99.375% and 99.75% of the principal
amount.

To the extent that the total aggregate principal amount of the Notes being offered by this pricing supplement is not purchased by
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investors in the offering, one or more of our affiliates may purchase the unsold portion. However, our affiliates will not purchase
more than 15% of the principal amount of the Notes.

We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on or about October 2,
2012, against payment in immediately available funds.

RBC Capital Markets, LLC

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Redeemable Step Up Notes,
Due October 2, 2028







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. Dol ars


Minimum
$1,000 and minimum denominations of $1,000 in excess of $1,000
Investment:


Pricing Date:
September 27, 2012


Issue Date:
October 2, 2012


Maturity Date:
October 2, 2028


CUSIP:
78008SFA9


Type of Note:
Step Up Note


Interest Rate:
Years 1-6: 3.00% per annum




Years 7-11: 3.50% per annum



Years
4.75% per annum
12-16:



Interest Payment
Semi-annually, on April 2nd and October 2nd of each year, commencing on April 2, 2013. If an Interest
Dates:
Payment Date is not a New York business day, interest shal be paid on the next New York business
day, without adjustment for period end dates and no interest shal be paid in respect of the delay.


Redemption:
Redeemable at our option.


Cal Dates:
The Notes are callable, in whole, but not in part, on April 2, 2013, October 2, 2013, October 2, 2018,
and October 2, 2023 upon 10 business days prior written notice.


Survivor's Option:
Not applicable.


U.S. Tax Treatment: Please see the discussion in this pricing 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 FIN-1 dated January 28, 2011 under
"Supplemental Discussion of U.S. Federal Income Tax Consequences" and specifical y the discussion
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under "Supplemental Discussion of U.S. Federal Income Tax Consequences--Supplemental U.S. Tax
Considerations--Where the term of your notes exceeds 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 exceeds 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

RBC Capital Markets, LLC
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Redeemable Step Up Notes,
Due October 2, 2028







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
Settlement:
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the
prospectus dated January 28, 2011).


Terms Incorporated Al of the terms appearing above the item captioned "Listing" on page P-2 of this pricing supplement
in the Master Note: and the 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.






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Redeemable Step Up Notes,
Due October 2, 2028







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 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 al 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 "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 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
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Redeemable Step Up Notes,
Due October 2, 2028







ADDITIONAL RISK FACTORS

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 January 28, 2011 and the prospectus supplement dated January 28, 2011. 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 advisors as to the risks entailed by an investment
in the Notes and the suitability of the Notes in light of their particular circumstances.

Early Redemption Risk. We have the option to redeem the Notes on the Cal Dates set forth above. It is more likely that
we wil 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.

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 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.

SUPPLEMENTAL PLAN OF DISTRIBUTION

We expect that delivery of the Notes wil be made against payment for the Notes on or about October 2, 2012, which is the
third (3rd) business day fol owing the Pricing Date (this settlement cycle being referred to as "T+3"). See "Plan of
Distribution" in the prospectus supplement dated January 28, 2011. 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 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.

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Redeemable Step Up Notes,
Due October 2, 2028







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 proposed 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 Internal
Revenue Service notices, withholding requirements with respect to payments made on the Notes wil general y begin no
earlier than January 1, 2014. Pursuant to the proposed regulations, if finalized in their current form, the withholding tax wil
not be imposed on payments pursuant to obligations outstanding on January 1, 2013. Holders are urged to consult their
own tax advisors regarding the implications of this legislation and subsequent guidance on their investment in the Notes.






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Redeemable Step Up Notes,
Due October 2, 2028







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 general y, 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, al 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.

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