Obbligazione Royal Bank of Canada 0% ( US78015K7F50 ) in USD

Royal Bank of Canada

100 USD ⇌

Canada

US78015K7F50 ( in USD )

05/08/2022 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78015K7F50 in USD 0%, scaduta

2 000 USD

300 000 000 USD

78015K7F5

N/A

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.

Il bond US78015K7F50 emesso da Royal Bank of Canada, denominato in USD, con scadenza 05/08/2022, cedola zero e ammontare totale di 300.000.000 USD, è giunto a scadenza ed è stato rimborsato.

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424B2 1 d26200424b2.htm SENIOR FLOATING RATE NOTES

Royal Bank of Canada
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001

Pricing Supplement
$300,000,000

Dated February 4, 2020
Senior Floating Rate Notes,

To the Prospectus Dated September 7, 2018 and Prospectus
Due August 5, 2022
Supplement Dated September 7, 2018
Royal Bank of Canada

The notes (the "Notes") are senior unsecured floating rate notes. Interest and the amount payable upon maturity of the Notes will be
paid in cash as described in this pricing supplement.

The Notes will 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.

We may not redeem the Notes prior to their maturity. There is no sinking fund for the Notes. All payments on the Notes are subject to our
credit risk.

The CUSIP number for the Notes is 78015K7F5.

The Notes will not be listed on any securities exchange.

Investing in the Notes involves a number of risks. See "Risk Factors" on page P-5 of this pricing supplement and beginning on
page S-1 of the prospectus supplement dated September 7, 2018.

The Notes are unsecured and are not savings accounts or insured deposits of a bank. The Notes are not insured or guaranteed by the
Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency or
instrumentality of Canada or the United States.

Neither the Securities and Exchange Commission 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.

Per Note

Total
Price to public

100.000%

$300,000,000
Underwriting discount

0.075%

$225,000
Proceeds to Royal Bank of Canada

99.925%

$299,775,000

We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company ("DTC") (including through its
indirect participants Euroclear, Clearstream and CDS Clearing and Depository Services Inc. ("CDS")) on or about February 7, 2020,
against payment in immediately available funds.

Lead Manager and Sole Book Runner

RBC Capital Markets

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Senior Floating Rate Notes,
Due August 5, 2022
Royal Bank of Canada

TERMS OF THE NOTES

We describe the basic features of the Notes in the sections of the prospectus dated September 7, 2018 cal ed "Description
of Debt Securities" and prospectus supplement dated September 7, 2018 cal ed "Description of the Notes We May Offer,"
subject to and as modified by the provisions described below.

Issuer:
Royal Bank of Canada (the "Bank")

Issue:
Senior Global Medium-Term Notes, Series H

Title of Series:
Senior Floating Rate Notes, due August 5, 2022

Principal Amount:
US $300,000,000

Ranking:
Senior

Currency:
U.S. Dol ars

Interest Rate:
The interest rate for each period wil be equal to the Base Rate plus the Spread.

Base Rate:
A compounded average of daily SOFR determined for each quarterly Interest Period in
accordance with the specific formula described under the caption "Specific Terms of the
Notes--Interest--Compounded SOFR" herein.

Spread:
Plus 0.400%

Minimum Denominations:
$2,000 and integral multiples of $1,000 in excess thereof.

Pricing Date:
February 4, 2020

Issue Date:
February 7, 2020

Maturity Date:
August 5, 2022

CUSIP / ISIN / Common
78015K7F5/ US78015K7F50/ 211669616
Code:

Interest Payment Dates:
Quarterly on the 5th of each February, May, August, and November beginning May 5, 2020,
subject to the modified fol owing business day convention described below under "Payment
Convention."

Interest Periods:
Each quarterly period from, and including, an Interest Payment Date (or, in the case of the
first Interest Period, February 7, 2020) to, but excluding, the next Interest Payment Date (or,
in the case of the final Interest Period, the Maturity Date), subject to the modified fol owing
business day convention described below under "Payment Convention."

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Senior Floating Rate Notes,
Due August 5, 2022
Royal Bank of Canada

Record Dates for Interest
The day immediately preceding each Interest Payment Date (or, if the Notes are held in
Payments:
definitive form, the fifteenth calendar day preceding each Interest Payment Date, whether or
not a Business Day).

Interest Payment
The date two U.S. Government Securities Business Days before each Interest Payment
Determination Dates:
Date.

Observation Period:
In respect of each Interest Period, the period from, and including, the date two U.S.
Government Securities Business Days preceding the first date in such Interest Period to, but
excluding, the date two U.S. Government Securities Business Days preceding the Interest
Payment Date for such Interest Period.

Payment Convention:
Modified fol owing business day convention as described in the accompanying prospectus
supplement dated September 7, 2018 under the captions "Description of the Notes We May
Offer--Interest" and "Description of the Notes We May Offer--Interest Rates--Floating Rate
Notes--Interest Payment Dates."

Business Days:
Any weekday that is a U.S. Government Securities Business Day and is not a legal holiday in
New York or Toronto and is not a date on which banking institutions in those cities are
authorized or required by law or regulation to be closed.

U.S. Government
Any day except for a Saturday, a Sunday or a day on which the Securities Industry and
Securities Business Day:
Financial Markets Association recommends that the fixed income departments of its
members be closed for the entire day for purposes of trading in U.S. government securities.

Day Count Convention:
Actual / 360

Redemption at our Option:
Not applicable

Canadian Bail-in Powers
The Notes are bail-inable notes. See "Specific Terms of the Notes--Agreement with Respect
Acknowledgment:
to the Exercise of Canadian Bail-in Powers".

Repayment at Option of
Not applicable
Holder:

Lead Manager and Sole
RBC Capital Markets, LLC
Book Runner:

Calculation Agent:
RBC Capital Markets, LLC

Public Offering Price:
100.000%

Underwriting Discount:
0.075%

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Senior Floating Rate Notes,
Due August 5, 2022
Royal Bank of Canada

Clearance and Settlement:
DTC (including through its indirect participants Euroclear, Clearstream and CDS, as
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the
prospectus dated September 7, 2018).

Listing:
The Notes wil not be listed on any securities exchange or quotation system.

Terms Incorporated in the
Al of the terms appearing above on pages P-2, P-3 and P-4 under the caption "Terms of the
Master Note:
Notes" of this pricing supplement and the terms appearing under the caption "Specific Terms
of the Notes" below.

The Notes are part of a series of senior debt securities of the Bank entitled "Senior Global
Medium-Term Notes, Series H". The Notes wil have the CUSIP No. 78015K7F5, the ISIN
No. US78015K7F50 and the Common Code No. 211669616.

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Senior Floating Rate Notes,
Due August 5, 2022
Royal Bank of Canada

RISK FACTORS

An investment in the Notes is subject to the risks described below, as wel as the risks described under "Risk Factors" in
the accompanying prospectus, dated September 7, 2018, and the accompanying prospectus supplement, dated
September 7, 2018. The Notes are not secured debt. You should careful y consider whether the Notes are suited to your
particular circumstances. This pricing supplement should be read together with the accompanying prospectus, dated
September 7, 2018, and the accompanying prospectus supplement, dated September 7, 2018. The information in the
accompanying prospectus and the accompanying prospectus supplement is supplemented by, and to the extent
inconsistent therewith replaced and superseded by, the information in this pricing supplement. This section describes
certain significant risks relating to an investment in the Notes. We urge you to read the following information
about these risks, together with the other information in this pricing supplement and the accompanying
prospectus and accompanying prospectus supplement, before investing in the Notes.

Investors Are Subject to Our Credit Risk, and Market Perceptions About Our Creditworthiness May Adversely
Affect the Market Value of the Notes.

Investors are dependent on our ability to pay al amounts due on the Notes on the interest payment dates and at maturity,
and, therefore, investors are subject to our credit risk and to changes in the market's view of our creditworthiness. Any
decrease in the market's view on or confidence in our creditworthiness is likely to adversely affect the market value of the
Notes.

The Market Value of the Notes May Be Influenced by Unpredictable Factors.

The market value of your Notes may fluctuate between the date you purchase them and the Maturity Date. Several factors,
many of which are beyond our control, wil influence the market value of the Notes. Factors that may influence the market
value of the Notes include:

·
supply and demand for the Notes, including inventory positions with the underwriters or any other market-maker;

·
interest rates in the market and expectations about future interest rates;

·
the creditworthiness of the Bank;

·
the time remaining to the maturity of the Notes; and

·
economic, financial, political, regulatory or judicial events that affect financial markets general y.

The Notes Will Not Be Listed on Any Securities Exchange and Secondary Trading May Be Limited.

The Notes wil not be listed on any securities exchange. Therefore, there may be little or no secondary market for the
Notes. The underwriters may, but are not obligated to, make a market in the Notes. Even if there is a secondary market, it
may not provide enough liquidity to al ow you to trade or sel the Notes easily. Because we do not expect that other broker-
dealers wil participate significantly in the secondary market for the Notes, the price at which you may be able to trade your
Notes is likely to depend on the price, if any, at which the underwriters are wil ing to transact. If at any time the underwriters
were not to make a market in the Notes, it is likely that there would be no secondary market for the Notes. Accordingly, you
should be wil ing to hold your Notes to maturity.

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Senior Floating Rate Notes,
Due August 5, 2022
Royal Bank of Canada

The Secured Overnight Financing Rate Is a Relatively New Reference Rate and its Composition and
Characteristics Are Not the Same as USD LIBOR.

On June 22, 2017, the Alternative Reference Rates Committee ("ARRC") convened by the Board of Governors of the
Federal Reserve System and the Federal Reserve Bank of New York identified the Secured Overnight Financing Rate
("SOFR") as the rate that, in the consensus view of the ARRC, represented best practice for use in certain new U.S. dol ar
derivatives and other financial contracts. SOFR is a broad measure of the cost of borrowing cash overnight col ateralized
by U.S. treasury securities, and has been published by the Federal Reserve Bank of New York since April 2018. The
Federal Reserve Bank of New York has also begun publishing historical indicative Secured Overnight Financing Rates
from 2014. Investors should not rely on any historical changes or trends in SOFR as an indicator of future changes in
SOFR.

The composition and characteristics of SOFR are not the same as those of LIBOR, and SOFR is fundamental y different
from LIBOR for two key reasons. First, SOFR is a secured rate, while LIBOR is an unsecured rate. Second, SOFR is an
overnight rate, while LIBOR is a forward-looking rate that represents interbank funding over different maturities (e.g., three
months). As a result, there can be no assurance that SOFR (including Compounded SOFR) wil perform in the same way
as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the
market, market volatility or global or regional economic, financial, political, regulatory, judicial or other events.

SOFR May be More Volatile Than Other Benchmark or Market Rates.

Since the initial publication of SOFR, daily changes in SOFR have, on occasion, been more volatile than daily changes in
other benchmark or market rates, such as USD LIBOR. Although changes in Compounded SOFR general y are not
expected to be as volatile as changes in daily levels of SOFR, the return on and value of the Notes may fluctuate more
than floating rate securities that are linked to less volatile rates. In addition, the volatility of SOFR has reflected the
underlying volatility of the overnight U.S. Treasury repo market. The Federal Reserve Bank of New York has at times
conducted operations in the overnight U.S. Treasury repo market in order to help maintain the federal funds rate within a
target range. There can be no assurance that the Federal Reserve Bank of New York wil continue to conduct such
operations in the future, and the duration and extent of any such operations is inherently uncertain. The effect of any such
operations, or of the cessation of such operations to the extent they are commenced, is uncertain and could be material y
adverse to investors in the Notes.

Any Failure of SOFR to Gain Market Acceptance Could Adversely Affect the Notes.

According to the ARRC, SOFR was developed for use in certain U.S. dol ar derivatives and other financial contracts as an
alternative to USD LIBOR in part because it is considered a good representation of general funding conditions in the
overnight U.S. Treasury repurchase agreement market. However, as a rate based on transactions secured by U.S.
Treasury securities, it does not measure bank-specific credit risk and, as a result, is less likely to correlate with the
unsecured short-term funding costs of banks. This may mean that market participants would not consider SOFR a suitable
replacement or successor for al of the purposes for which USD LIBOR historical y has been used (including, without
limitation, as a representation of the unsecured short-term funding costs of banks), which may, in turn, lessen market
acceptance of SOFR. Any failure of SOFR to gain market acceptance could adversely affect the return on and value of the
Notes and the price at which investors can sel the Notes in the secondary market.

In addition, if SOFR does not prove to be widely used as a benchmark in securities that are similar or comparable to the
Notes, the trading price of the Notes may be lower than those of securities that are linked to rates that are more widely
used. Similarly, market terms for floating-rate debt securities linked to SOFR, such as the spread over the base rate
reflected in interest rate provisions or the manner of compounding the base rate, may evolve over time, and trading prices
of the Notes may be lower than those of later-issued SOFR-based debt securities as a result. Investors in the Notes may
not be able to sel the Notes at al or may not be able to sel the Notes at prices that wil provide them with a yield
comparable to similar investments that have a developed secondary market, and may consequently suffer from increased
pricing volatility and market risk.
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Senior Floating Rate Notes,
Due August 5, 2022
Royal Bank of Canada

The Interest Rate on the Notes is Based on a Compounded SOFR Rate, which is Relatively New in the
Marketplace.

For each Interest Period, the interest rate on the Notes is based on Compounded SOFR, which is calculated using the
specific formula described under "Specific Terms of the Notes--Interest--Compounded SOFR", not the SOFR rate
published on or in respect of a particular date during such Interest Period or an arithmetic average of SOFR rates during
such period. For this and other reasons, the interest rate on the Notes during any Interest Period wil not necessarily be the
same as the interest rate on other SOFR-linked investments that use an alternative basis to determine the applicable
interest rate. Further, if the SOFR rate in respect of a particular date during an Interest Period is negative, its contribution
to Compounded SOFR wil be less than one, resulting in a reduction to Compounded SOFR used to calculate the interest
payable on the Notes on the Interest Payment Date for such Interest Period.

In addition, very limited market precedent exists for securities that use SOFR as the interest rate and the method for
calculating an interest rate based upon SOFR in those precedents varies. Accordingly, the specific formula for the
Compounded SOFR rate used in the Notes may not be widely adopted by other market participants, if at al . If the market
adopts a different calculation method, that would likely adversely affect the market value of the Notes.

Compounded SOFR with Respect to a Particular Interest Period Will Only be Capable of Being Determined Near
the End of the Relevant Interest Period.

The level of Compounded SOFR applicable to a particular Interest Period and, therefore, the amount of interest payable
with respect to such Interest Period wil be determined on the Interest Payment Determination Date for such Interest
Period. Because each such date is near the end of such Interest Period, you wil not know the amount of interest payable
with respect to a particular Interest Period until shortly prior to the related Interest Payment Date and it may be difficult for
you to reliably estimate the amount of interest that wil be payable on each such Interest Payment Date. In addition, some
investors may be unwil ing or unable to trade the Notes without changes to their information technology systems, both of
which could adversely impact the liquidity and trading price of the Notes.

SOFR May be Modified or Discontinued and the Notes May Bear Interest by Reference to a Rate Other than
Compounded SOFR, which Could Adversely Affect the Value of the Notes.

SOFR is published by the Federal Reserve Bank of New York based on data received by it from sources other than us,
and we have no control over its methods of calculation, publication schedule, rate revision practices or availability of SOFR
at any time. There can be no guarantee, particularly given its relatively recent introduction, that SOFR wil not be
discontinued or fundamental y altered in a manner that is material y adverse to the interests of investors in the Notes. If the
manner in which SOFR is calculated is changed, that change may result in a reduction in the amount of interest payable
on the Notes and the trading prices of the Notes. In addition, the Federal Reserve Bank of New York may withdraw, modify
or amend published SOFR data in its sole discretion and without notice. The interest rate for any Interest Period wil not be
adjusted for any modifications or amendments to SOFR data that the Federal Reserve Bank of New York may publish after
the interest rate for that Interest Period has been determined.

If we or our designee determines that a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred in respect of SOFR, then the interest rate on the Notes wil no longer be determined by reference to SOFR, but
instead wil be determined by reference to a different rate, plus a spread adjustment, which we refer to as a "Benchmark
Replacement," as further described under the caption "Specific Terms of the Notes--Interest--Compounded SOFR."

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Senior Floating Rate Notes,
Due August 5, 2022
Royal Bank of Canada

If a particular Benchmark Replacement or Benchmark Replacement Adjustment cannot be determined, then the next-
available Benchmark Replacement or Benchmark Replacement Adjustment wil apply. These replacement rates and
adjustments may be selected, recommended or formulated by (i) the Relevant Governmental Body (such as the ARRC),
(i ) the International Swaps and Derivatives Association ("ISDA") or (i i) in certain circumstances, us or our designee. In
addition, the terms of the Notes expressly authorize us or our designee to make Benchmark Replacement Conforming
Changes with respect to, among other things, changes to the definition of "Interest Period", the timing and frequency of
determining rates and making payments of interest and other administrative matters. The determination of a Benchmark
Replacement, the calculation of the interest rate on the Notes by reference to a Benchmark Replacement (including the
application of a Benchmark Replacement Adjustment), any implementation of Benchmark Replacement Conforming
Changes and any other determinations, decisions or elections that may be made under the terms of the Notes in
connection with a Benchmark Transition Event, could adversely affect the value of the Notes, the return on the Notes and
the price at which you can sel such Notes.

In addition, (i) the composition and characteristics of the Benchmark Replacement wil not be the same as those of
Compounded SOFR, the Benchmark Replacement may not be the economic equivalent of Compounded SOFR, there can
be no assurance that the Benchmark Replacement wil perform in the same way as Compounded SOFR would have at
any time and there is no guarantee that the Benchmark Replacement wil be a comparable substitute for Compounded
SOFR (each of which means that a Benchmark Transition Event could adversely affect the value of the Notes, the return
on the Notes and the price at which you can sel the Notes), (i ) any failure of the Benchmark Replacement to gain market
acceptance could adversely affect the Notes, (i i) the Benchmark Replacement may have a very limited history and the
future performance of the Benchmark Replacement may not be predicted based on historical performance, (iv) the
secondary trading market for Notes linked to the Benchmark Replacement may be limited and (v) the administrator of the
Benchmark Replacement may make changes that could change the value of the Benchmark Replacement or discontinue
the Benchmark Replacement and has no obligation to consider your interests in doing so.

We or Our Designee Will Make Determinations with respect to the Notes.

We or our designee wil make certain determinations with respect to the Notes as further described under the caption
"Specific Terms of the Notes." In addition, if a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred, we or our designee wil make certain determinations with respect to the Notes in our or our designee's sole
discretion as further described under the caption "Specific Terms of the Notes--Interest--Compounded SOFR." Any of
these determinations may adversely affect the value of the Notes, the return on the Notes and the price at which you can
sel such Notes. Moreover, certain determinations may require the exercise of discretion and the making of subjective
judgments, such as with respect to Compounded SOFR or the occurrence or non-occurrence of a Benchmark Transition
Event and any Benchmark Replacement Conforming Changes. These potential y subjective determinations may adversely
affect the value of the Notes, the return on the Notes and the price at which you can sel such Notes. For further
information regarding these types of determinations, see "Specific Terms of the Notes--Interest--Compounded SOFR."

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