Obbligazione Royal Bank of Canada 3% ( US78012KAH05 ) in USD

Emittente Royal Bank of Canada
Prezzo di mercato refresh price now   98.76 USD  ⇌ 
Paese  Canada
Codice isin  US78012KAH05 ( in USD )
Tasso d'interesse 3% per anno ( pagato 2 volte l'anno)
Scadenza 19/02/2030



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78012KAH05 en USD 3%, scadenza 19/02/2030


Importo minimo 1 000 USD
Importo totale /
Cusip 78012KAH0
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Coupon successivo 19/08/2025 ( In 117 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 US78012KAH05, pays a coupon of 3% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 19/02/2030







l217151424b2.htm
424B2 1 l217151424b2.htm 15NC5YR 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


$10,300,000
Dated February 17, 2015


to the Product Prospectus Supplement FIN-1 Dated July 25,
Redeemable Step Up Notes,
2013, Prospectus Dated July 23, 2013, and Prospectus
Due February 19, 2030
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 78012KAH0.

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

·
Years 1-10:
3.00% per annum
·
Years 11-13:
3.50% per annum
·
Year 14:
4.25% per annum
·
Year 15:
5.00% per annum

We will pay interest on the Notes on February 19 and August 19 of each year (each an "Interest Payment Date"), commencing on
August 19, 2015.

We may call the Notes in whole, but not in part, on February 19, 2020, February 19, 2025, February 19, 2028 and February 19,
2029, 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 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 98.50% and 98.875% 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 February 19, 2015,
against payment in immediately available funds.

RBC Capital Markets, LLC









Redeemable Step Up Notes,
Due February 19, 2030




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 F


Underwriter:
RBC Capital Markets, LLC


Currency:
U.S. Dollars


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


Pricing Date:
February 17, 2015


Issue Date:
February 19, 2015


Maturity Date:
February 19, 2030


CUSIP:
78012KAH0


Type of Note:
Step Up Note


Interest Rate:
Years 1-10: 3.00% per annum

Years 11-13: 3.50% per annum

Year 14: 4.25% per annum

Year 15: 5.00% per annum


Interest Payment
Semi-annually, on February 19 and August 19 of each year, commencing on August 19, 2015. If an Interest
Dates:
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 February 19, 2020, February 19, 2025, February 19,
2028 and February 19, 2029, upon 10 business days' prior written notice.


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Survivor's Option:
Not applicable.


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.

RBC Capital Markets, LLC
P-2








Redeemable Step Up Notes,
Due February 19, 2030




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


Terms Incorporated
All of the terms appearing above the item captioned "Listing" on page P-2 of this pricing supplement and the
in the Master Note:
terms 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 February 19, 2030




ADDITIONAL TERMS OF YOUR NOTES

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,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You
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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
P-4








Redeemable Step Up Notes,
Due February 19, 2030




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 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.

SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)

Delivery of the Notes will be made against payment for the Notes on February 19, 2015, 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 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
purchase the unsold portion. However, our affiliates will not purchase more than 15% of the principal amount of the Notes. Sales of
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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 February 19, 2030




VALIDITY OF THE NOTES

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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