Obligation Royal Bank of Canada 2.75% ( US78008SWC69 ) en USD

Royal Bank of Canada

100 % ▲

Canada

US78008SWC69 ( en USD )

2.75% par an ( paiement semestriel )

17/05/2028

Prospectus brochure de l'obligation Royal Bank of Canada US78008SWC69 en USD 2.75%, échéance 17/05/2028

1 000 USD

7 500 000 USD

78008SWC6

N/A

N/A

17/05/2025 ( Dans 23 jours )

La Banque Royale du Canada (RBC) est une institution financière multinationale canadienne offrant une large gamme de services financiers, incluant les services bancaires aux particuliers et aux entreprises, la gestion de patrimoine, les marchés des capitaux et l'assurance.

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78008SWC69, paye un coupon de 2.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 17/05/2028

g514131424b2.htm
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424B2 1 g514131424b2.htm 15NC STEP UP NOTES

RBC Capital Markets®
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-171806

Pricing Supplement

$7,500,000

Dated May 14, 2013
Redeemable Step Up Notes,

Due May 17, 2028
to the Product Prospectus Supplement FIN-1 Dated
January 28, 2011, Prospectus Dated January 28, 2011,
Royal Bank of Canada
and Prospectus Supplement Dated January 28, 2011

Royal Bank of Canada is offering the Redeemable Step Up Notes (the "Notes") described below.

The CUSIP number for the Notes is 78008SWC6.

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

·
Years 1-6:
2.75% per annum

·
Years 7-11:
3.25% per annum

·
Years 12-15:
4.25% per annum

We will pay interest on the Notes on May 17th and November 17th of each year (each an "Interest Payment Date"), commencing on November 17, 2013.

We may call the Notes in whole, but not in part, on May 17, 2014, May 17, 2019 and May 17, 2024 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 1 of the prospectus supplement dated January 28, 2011, "Additional Risk
Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement FIN-1 dated January 28, 2011 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 98.75% 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 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 or about May 17, 2013, against payment in immediately
available funds.

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Redeemable Step Up Notes,
Due May 17, 2028

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 E

Underwriter:
RBC Capital Markets, LLC

Currency:
U.S. Dol ars

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

Pricing Date:
May 14, 2013

Issue Date:
May 17, 2013

Maturity Date:
May 17, 2028

CUSIP:
78008SWC6

Type of Note:
Step Up Note

Interest Rate:
Years 1-6:
2.75% per annum

Years 7-11:
3.25% per annum

Years 12-15:
4.25% per annum

Interest Payment
Semi-annual y, on May 17th and November 17th of each year, commencing on November 17, 2013. If an Interest Payment
Dates:
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 shall be paid in respect of the delay.

Redemption:
Redeemable at our option.

Cal Dates:
The Notes are cal able, in whole, but not in part, on May 17, 2014, May 17, 2019 and May 17, 2024 upon 10 business
days' prior written notice.

Survivor's Option:
Not Applicable.

U.S. Tax Treatment:
Please see the discussion in this pricing supplement under "Supplemental Discussion of U.S. Federal Income Tax

Consequences" and the discussion (including the opinion of our counsel Morrison & Foerster LLP) in the product prospectus
supplement FIN-1 dated January 28, 2011 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 exceeds 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 exceeds 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
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Redeemable Step Up Notes,
Due May 17, 2028

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 described under
Settlement:
"Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus dated January 28, 2011).

Terms Incorporated
Al of the terms appearing above the item captioned "Listing" on page P-2 of this pricing supplement and the terms
in the Master Note:
appearing under the caption "General Terms of the Notes" in the product prospectus supplement FIN-1 dated January 28,
2011, as modified by this pricing supplement.

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Redeemable Step Up Notes,
Due May 17, 2028

ADDITIONAL TERMS OF YOUR NOTES

You should read this pricing supplement together with the prospectus dated January 28, 2011, as supplemented by the prospectus supplement dated
January 28, 2011 and the product prospectus supplement FIN-1 dated January 28, 2011, relating to our Senior Global Medium-Term Notes, Series E, 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 all 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 January 28, 2011, "Additional Risk Factors Specific to the Notes" in the product prospectus
supplement FIN-1 dated January 28, 2011 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 January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000309/f127115424b3.htm
Prospectus Supplement dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000311/m127114424b3.htm
Product Prospectus Supplement FIN-1 dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000316/m127115424b5.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 May 17, 2028

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 January 28, 2011 and the
prospectus supplement dated January 28, 2011. 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.

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 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)

We expect that delivery of the Notes wil be made against payment for the Notes on or about May 17, 2013, which is the third (3rd) business day fol owing
the Pricing Date (this settlement cycle being referred to as "T+3"). See "Plan of Distribution" in the prospectus supplement dated January 28, 2011. 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 28, 2011.

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 wil 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.

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Redeemable Step Up Notes,
Due May 17, 2028

SUPPLEMENTAL DISCUSSION OF
U.S. FEDERAL INCOME TAX CONSEQUENCES

The fol owing disclosure supplements the discussion in the product prospectus supplement dated January 28, 2011 under "Supplemental Discussion of
U.S. Federal Income Tax Consequences."
Foreign Account Tax Compliance Act. The Internal Revenue Service has issued notices and the Treasury Department has issued final regulations affecting
the legislation enacted on March 18, 2010 and discussed in the product prospectus supplement dated January 28, 2011 under "Supplemental Discussion
of U.S. Federal Income Tax Consequences--Supplemental U.S. Tax Considerations--Legislation Affecting Taxation of Notes Held By or Through Foreign
Entities." Pursuant to the final regulations, withholding requirements with respect to payments made on the Notes wil general y begin no earlier than
January 1, 2014, and the withholding tax wil not be imposed on payments pursuant to obligations outstanding on January 1, 2014. Account holders
subject to information reporting requirements pursuant to the legislation may include holders of the Notes. Holders are urged to consult their own tax
advisors regarding the implications of this legislation and subsequent guidance on their investment in the Notes.
VALIDITY OF THE NOTES

In the opinion of Norton Rose 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 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 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
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 March 6, 2012, which has been file
as Exhibit 5.1 to Royal Bank's Form 6-K filed with the SEC on March 6, 2012.

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 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 March 6, 2012, which has been filed as Exhibit 5.2 to the Bank's Form 6-K dated March
6, 2012.

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