Obbligazione Royal Bank of Canada 1.058% ( US78012KWZ64 ) in USD

Emittente Royal Bank of Canada
Prezzo di mercato 100 USD  ⇌ 
Paese  Canada
Codice isin  US78012KWZ64 ( in USD )
Tasso d'interesse 1.058% per anno ( pagato 2 volte l'anno)
Scadenza 30/03/2022 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78012KWZ64 in USD 1.058%, scaduta


Importo minimo 1 000 USD
Importo totale 9 165 000 USD
Cusip 78012KWZ6
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.

The Obbligazione issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78012KWZ64, pays a coupon of 1.058% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 30/03/2022







424B2 1 form424b2.htm 5Y FIXED TO FLOAT WITH CAP 3.27.2017
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 0 8 5 0 7








Pricing Supplement

$9,165,000

Dated March 27, 2017
Fixed to Floating Rate Notes with Cap,
To the Product Prospectus Supplement FIN-1 Dated
Due March 30, 2022
January 14, 2016, and the Prospectus and Prospectus
Royal Bank of Canada
Supplement, each dated January 8, 2016




Royal Bank of Canada is offering the Fixed to Floating Rate Notes with Cap (the "Notes") described below.
The CUSIP number for the Notes is 78012KWZ6.
The Notes will pay interest quarterly, on the 30th day of March, June, September and December of each year, commencing on
June 30, 2017 and ending on the Maturity Date. Interest will accrue at the following rates during the indicated years of the term of
the Notes:
·
Years 1-2:
2.00%
·
Years 3-5:
3 Month USD LIBOR + 0.75%, subject to the Coupon Cap
The Coupon Cap will be 4.00% per annum.
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
January 8, 2016, "Additional Risk Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement
FIN-1 dated January 14, 2016 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 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 99.50% and 99.625% of the principal
amount. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page P-6 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 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 March 30, 2017,
against payment in immediately available funds.


RBC Capital Markets, LLC

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Fixed to Floating Rate Notes with Cap,
Due March 30, 2022


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 G
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 27, 2017
Issue Date:
March 30, 2017
Maturity Date:
March 30, 2022
CUSIP:
78012KWZ6
Interest Rate:
Year 1-2: 2.00%
Years 3-5: 3 Month USD LIBOR + the Spread, subject to the Coupon Cap. In no event will the interest
rate be less than 0% per annum.
Spread:
0.75%
Reference Rate:
3 Month USD LIBOR, as reported on Reuters Page LIBOR01 or any successor page
Coupon Cap:
4.00%
Day Count Fraction:
30/360
Type of Note:
Fixed to Floating Rate Notes
Interest Payment
Quarterly, in arrears, on the 30th day of March, June, September and December of each year, commencing
Dates:
on June 30, 2017 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-16 of the prospectus supplement, without adjustment for period end dates and no additional interest
will be paid in respect of the postponement.
Interest Period:
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 During Floating
Rate Period:
Redemption:
Not Applicable. The Notes are not redeemable prior to maturity.


P-2
RBC Capital Markets, LLC

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Fixed to Floating Rate Notes with Cap,
Due March 30, 2022


Survivor's Option:
Not Applicable.
U.S. Tax Treatment:
We intend to take the position that the Notes will be treated as variable rate debt instruments providing for
stated interest at a single fixed rate and a qualified floating rate for U.S. federal income tax purposes.

Under this characterization, based on the rates in effect as of the date of this pricing supplement, we
expect that the Notes may be issued with no more than de minimis OID. Please see the discussion in the
accompanying product prospectus supplement FIN-1 dated January 14, 2016 under the section entitled
"Supplemental Discussion of U.S. Federal Income Tax Consequences," and the accompanying prospectus
dated January 8, 2016 under the section entitled "Tax Consequences--United States Taxation" and
specifically the discussion in the accompanying prospectus under the section entitled "Tax Consequences--
United States Taxation--Original Issue Discount--Variable Rate Debt Securities."
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
January 8, 2016).
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 January 14, 2016, as modified by this pricing supplement.


P-3
RBC Capital Markets, LLC




Fixed to Floating Rate Notes with Cap,
Due March 30, 2022


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 January 8, 2016, as supplemented by the prospectus
supplement dated January 8, 2016 and the product prospectus supplement FIN-1 dated January 14, 2016, relating to our Senior
Global Medium-Term Notes, Series G, 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. T he N ot e s va ry from t he t e rm s de sc ribe d in t he produc t prospe c t us supple m e nt
FI N -1 in se ve ra l im port a nt w a ys. Y ou should re a d t his pric ing supple m e nt c a re fully.
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
January 8, 2016, "Additional Risk Factors Specific to the Notes" in the product prospectus supplement FIN-1 dated January 14,
2016 and "Additional Risk Factors" in this pricing supplement, as the Notes involve risks not associated with conventional debt
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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 January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008810/j18160424b3.htm
Prospectus Supplement dated January 8, 2016:
https://www.sec.gov/Archives/edgar/data/1000275/000121465916008811/p14150424b3.htm
Product Prospectus Supplement FIN-1 dated January 14, 2016:
https://www.sec.gov/Archives/edgar/data/1000275/000114036116047762/form424b5.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.


P-4
RBC Capital Markets, LLC




Fixed to Floating Rate Notes with Cap,
Due March 30, 2022


H I ST ORI CAL 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 floating rate period.
The Reference Rate was 1.15189% on March 27, 2017. The graph below sets forth the historical performance of the Reference
Rate from March 27, 2012 through March 27, 2017.
Source: Bloomberg L.P.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS


P-5
RBC Capital Markets, LLC




Fixed to Floating Rate Notes with Cap,
Due March 30, 2022


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 January 14, 2016 and the prospectus supplement and prospectus,
each dated January 8, 2016. 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 during the floating interest rate period is capped for that period at the maximum interest rate set forth above.
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.
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 March 30, 2017, 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 January 8, 2016. 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 8, 2016.
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
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.


P-6
RBC Capital Markets, LLC




Fixed to Floating Rate Notes with Cap,
Due March 30, 2022

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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 and delivered against payment therefor, 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 equitable remedies which may only be granted at the discretion of a
court of competent authority, subject to applicable bankruptcy, to rights to indemnity and contribution under the Notes or the
Indenture which may be limited by applicable law; to insolvency and other laws of general application affecting creditors' rights, to
limitations under applicable limitations statutes, and 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 Québec 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 January 8, 2016, which has been filed as
Exhibit 5.1 to Royal Bank's Form 6-K filed with the SEC dated January 8, 2016.
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 January 8, 2016, which has been filed as Exhibit 5.2 to the Bank's
Form 6-K dated January 8, 2016.



P-7
RBC Capital Markets, LLC
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