Obbligazione Royal Bank of Canada 2% ( US78012KAD90 ) in USD

Emittente Royal Bank of Canada
Prezzo di mercato 100 USD  ▲ 
Paese  Canada
Codice isin  US78012KAD90 ( in USD )
Tasso d'interesse 2% per anno ( pagato 2 volte l'anno)
Scadenza 30/01/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78012KAD90 in USD 2%, scaduta


Importo minimo 1 000 USD
Importo totale /
Cusip 78012KAD9
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
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.

L'obbligazione Royal Bank of Canada con codice ISIN US78012KAD90, codice CUSIP 78012KAD9, emessa in Canada, denominata in USD, con cedola al 2%, taglio minimo di 1000 USD e scadenza al 30/01/2023, è giunta a scadenza ed è stata rimborsata al 100%.







j128152424b2.htm
424B2 1 j128152424b2.htm 8NC5YR STEP UP NOTE



RBC Ca pit a l
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 -1 8 9 8 8 8
M a rk e t s®










Pricing Supplement


$1,000,000
Dated January 27, 2015


to the Product Prospectus Supplement FIN-1 Dated July 25,
Redeemable Step Up Notes,
2013, Prospectus Dated July 23, 2013, and Prospectus
Due January 30, 2023
Supplement Dated July 23, 2013
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 78012KAD9.

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

·
Years 1-5: 2.00% per annum
·
Year 6:
2.50% per annum
·
Year 7:
3.50% per annum
·
Year 8:
5.00% per annum

We will pay interest on the Notes on January 30 and July 30 of each year (each an "Interest Payment Date"), commencing on July 30,
2015.

We may call the Notes in whole, but not in part, on January 30, 2020, January 30, 2021 and January 30, 2022, 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 S-1 of the prospectus supplement dated July
23, 2013, "Additional Risk Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement FIN-1 dated
July 25, 2013 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 a public offering price equal to the principal amount, and will purchase the Notes
from us on the Issue Date at a purchase price that will be 99.10% of the principal amount. See "Supplemental Plan of Distribution
(Conflicts of Interest)" on page P-5 below.

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 January 30, 2015, against
payment in immediately available funds.

RBC Capital Markets, LLC









Redeemable Step Up Notes,
Due January 30, 2023




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 F


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:
January 27, 2015


Issue Date:
January 30, 2015


Maturity Date:
January 30, 2023


CUSIP:
78012KAD9


Type of Note:
Step Up Note


Interest Rate:
Years 1-5: 2.00% per annum

Year 6: 2.50% per annum

Year 7: 3.50% per annum

Year 8: 5.00% per annum

Interest Payment Dates:
Semi-annually, on January 30 and July 30 of each year, commencing on July 30, 2015. 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.


Call Dates:
The Notes are callable, in whole, but not in part, on January 30, 2020, January 30, 2021 and January 30, 2022, upon 10
business days' prior written notice.


Survivor's Option:
Applicable. See "General Terms of the Notes--Survivor's Option" beginning on page PS-17 of the product prospectus
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supplement FIN-1 dated July 25, 2013. Notwithstanding the provisions of that section and Annex A to the product
supplement, the survivor's option for these Notes may be exercised whether or not the deceased beneficial owner (and
for jointly owned Notes, the last surviving beneficial owner) had purchased the Notes at least one year prior to the date
of his or her death, and no such representation shall be required to be made in connection with the exercise of the
survivor's option.


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 July 25, 2013 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

RBC Capital Markets, LLC
P-2








Redeemable Step Up Notes,
Due January 30, 2023




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 described under
Settlement:
"Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus dated July 23, 2013).


Terms Incorporated in
All of the terms appearing above the item captioned "Listing" on page P-2 of this pricing supplement and the terms
the Master Note:
appearing under the caption "General Terms of the Notes" in the product prospectus supplement FIN-1 dated July 25,
2013, as modified by this pricing supplement.

RBC Capital Markets, LLC
P-3








Redeemable Step Up Notes,
Due January 30, 2023




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 July 23, 2013, as supplemented by the prospectus
supplement dated July 23, 2013 and the product prospectus supplement FIN-1 dated July 25, 2013, relating to our Senior Global
Medium-Term Notes, Series F, 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,
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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 July 23,
2013, "Additional Risk Factors Specific to the Notes" in the product prospectus supplement FIN-1 dated July 25, 2013 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 July 23, 2013:
http://www.sec.gov/Archives/edgar/data/1000275/000121465913004043/f722130424b3.htm

Prospectus Supplement dated July 23, 2013:
http://www.sec.gov/Archives/edgar/data/1000275/000121465913004045/j716130424b3.htm

Product Prospectus Supplement FIN-1 dated July 25, 2013:
http://www.sec.gov/Archives/edgar/data/1000275/000121465913004075/c724131424b5.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 January 30, 2023




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 July 25, 2013 and the prospectus supplement dated July 23, 2013. 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.

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.

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 January 30, 2015, which is the third (3rd) business day following
the Pricing Date (this settlement cycle being referred to as "T+3"). See "Plan of Distribution" in the prospectus supplement dated July
23, 2013. 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 July 23, 2013.

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
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purchase the unsold portion. However, our affiliates will 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.

RBC Capital Markets, LLC
P-5








Redeemable Step Up Notes,
Due January 30, 2023




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, 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 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, all as stated in the letter of such counsel
dated July 24, 2013, which has been filed as Exhibit 5.1 to Royal Bank's Form 6-K filed with the SEC on July 24, 2013.

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 July 24, 2013, which has been filed as Exhibit 5.2 to the Bank's Form
6-K dated July 24, 2013.

RBC Capital Markets, LLC
P-6
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