Obbligazione Royal Bank of Canada 2.2% ( US78014RBY53 ) in USD

Emittente Royal Bank of Canada
Prezzo di mercato 100 USD  ⇌ 
Paese  Canada
Codice isin  US78014RBY53 ( in USD )
Tasso d'interesse 2.2% per anno ( pagato 2 volte l'anno)
Scadenza 31/01/2025 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78014RBY53 in USD 2.2%, scaduta


Importo minimo 1 000 USD
Importo totale 5 000 000 USD
Cusip 78014RBY5
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 US78014RBY53, pays a coupon of 2.2% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 31/01/2025







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https://www.sec.gov/Archives/edgar/data/1000275/000114036120002015/form424b2.htm
424B2 1 form424b2.htm PS 5NC2Y FIXED RATE NOTES 78014RBY5
RBC Capital Markets®
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001




Pricing Supplement
$5,000,000
Dated January 29, 2020
Redeemable Fixed Rate Notes,
To the Product Prospectus Supplement FIN-1 Dated September
Due January 31, 2025
20, 2018, and the Prospectus and Prospectus Supplement, each
Royal Bank of Canada
dated September 7, 2018


Royal Bank of Canada is offering the Redeemable Fixed Rate Notes (the "Notes") described below.
The CUSIP number for the Notes is 78014RBY5.
The Notes wil accrue interest at the rate of 2.20% per annum during each year of their term.
We wil pay interest on the Notes on January 31 and July 31 of each year (each an "Interest Payment Date"), commencing
on July 31, 2020.
We may cal the Notes in whole, but not in part, beginning on January 31, 2022, and semi-annual y thereafter upon 10
business days' prior written notice. Al payments on the Notes are subject to our credit risk.
The Notes wil not be listed on any U.S. securities exchange.
The Notes wil 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 "Additional Risk Factors" on page P-5 of this pricing supplement,
"Additional Risk Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement FIN-1 dated
September 20, 2018 and "Risk Factors" on page S-1 of the prospectus supplement dated September 7, 2018.
The Notes wil 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
wil purchase the Notes from us on the Issue Date at a purchase price of 99.45% of the principal amount. See
"Supplemental Plan of Distribution (Conflicts of Interest)" below.
We wil deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on January 31,
2020, against payment in immediately available funds.
RBC Capital Markets, LLC
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Redeemable Fixed Rate Notes,
Due January 31, 2025
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 H
Underwriter:
RBC Capital Markets, LLC
Currency:
U.S. Dol ars
Minimum Investment:
$1,000 and minimum denominations of $1,000 in excess of $1,000
Pricing Date:
January 29, 2020
Issue Date:
January 31, 2020
Maturity Date:
January 31, 2025
CUSIP:
78014RBY5
Type of Note:
Fixed Rate Note
Interest Rate:
2.20% per annum
Interest Payment
Semi-annual y, on January 31 and July 31 of each year, commencing on July 31, 2020. If an
Dates:
Interest 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. If we redeem the Notes, we wil pay you the principal amount, together
with the applicable interest payment.
Cal Dates:
The Notes are cal able, in whole, but not in part, beginning on January 31, 2022, and semi-
annual y thereafter upon 10 business days' prior written notice.
Survivor's Option:
Not Applicable.
Canadian Bail-in
The Notes are bail-inable notes. See "Specific Terms of the Notes--Agreement with Respect to
Powers
the Exercise of Canadian Bail-in Powers."
Acknowledgment:
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 September 20, 2018 under "Supplemental
Discussion of U.S. Federal Income Tax Consequences" and specifical y the discussion under
"Supplemental Discussion of U.S. Federal Income Tax Consequences--Supplemental U.S. Tax
Considerations--Where the term of your notes wil 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 wil exceed one year--Sale, Redemption or Maturity of Notes that
Are Not Treated as Contingent Payment Debt Instruments," which applies

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Due January 31, 2025

to your Notes.
The accompanying product prospectus supplement notes that FATCA withholding on payments of
gross proceeds from a sale or redemption of the Notes wil only apply to payments made after
December 31, 2018. That discussion is modified to reflect regulations proposed by the U.S.
Treasury Department indicating an intent to eliminate the requirement under FATCA of withholding
on gross proceeds of the disposition of financial instruments. The U.S. Treasury Department has
indicated that taxpayers may rely on these proposed regulations pending their finalization.
Prospective investors are urged to consult with their own tax advisors regarding the possible
implications of FATCA on their investment in the Notes.
Calculation Agent:
RBC Capital Markets, LLC
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 September 7, 2018).
Terms Incorporated in
Al of the terms appearing above the item captioned "Listing" on page P-2 of this pricing
the Master Note:
supplement and the 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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Redeemable Fixed Rate Notes,
Due January 31, 2025
ADDITIONAL TERMS OF YOUR NOTES
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 wil have the meanings given to them in the product prospectus supplement FIN-
1. In the event of any conflict, this pricing supplement wil 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 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
fol ows (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:
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.

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Due January 31, 2025
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 September 20, 2018 and the prospectus supplement dated September 7, 2018. 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, and you wil not receive any further payments on the Notes.
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.

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Due January 31, 2025
AGREEMENT WITH RESPECT TO THE EXERCISE OF CANADIAN BAIL-IN
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; (i ) attorn and submit to the jurisdiction of the courts in the Province of Ontario with respect to the
CDIC Act and those laws; and (i i) acknowledge and agree that the terms referred to in paragraphs (i) and (i ), 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 wil 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 ful 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 wil 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 wil 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 OfferSpecial 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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Due January 31, 2025
SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)
Delivery of the Notes wil be made against payment for the Notes on January 31, 2020, which is the second (2nd) business
day fol owing 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.
Each of RBCCM and any other broker-dealer offering the Notes have not offered, sold or otherwise made available and
wil not offer, sel or otherwise make available any of the 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 sel ing the Notes or otherwise making them available to retail investors in the EEA has been
prepared, and therefore, offering or sel ing 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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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 al
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 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 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, al as stated in the letter of such counsel dated September 7, 2018, which has been filed as Exhibit 5.1 to Royal
Bank's Form 6-K filed with the SEC dated September 7, 2018.
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 September 7, 2018, which has been filed as Exhibit 5.2 to the Bank's Form 6-K dated September 7, 2018.

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