Obligation Royal Bank of Canada 2.86% ( US78008SWN25 ) en USD

Royal Bank of Canada

70 % ▲

Canada

US78008SWN25 ( en USD )

2.86% par an ( paiement semestriel )

28/02/2033

Prospectus brochure de l'obligation Royal Bank of Canada US78008SWN25 en USD 2.86%, échéance 28/02/2033

1 000 USD

3 750 000 USD

78008SWN2

N/A

N/A

28/08/2025 ( Dans 126 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 US78008SWN25, paye un coupon de 2.86% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/02/2033

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424B2 1 j226132424b2.htm 20NC6M LEVERAGED CMS STEEPENER NOTES

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

Pricing Supplement

$3,750,000

Redeemable Leveraged Steepener Notes,
Dated February 25, 2013
Due February 28, 2033

to the Product Prospectus Supplement FIN-1 Dated
Royal Bank of Canada
January 28, 2011, Prospectus Dated January 28, 2011,

and Prospectus Supplement Dated January 28, 2011

Royal Bank of Canada is offering the Redeemable Leveraged Steepener Notes (the "Notes") described below.

The CUSIP number for the Notes is 78008SWN2.

The Notes wil pay semi-annual y, on February 28th and August 28th of each year, commencing on August 28, 2013. The interest rate on the Notes wil depend on the "Reference Rate." The "Reference
Rate" wil be equal to the difference between the 30 year CMS rate and the 2 year CMS rate, minus 0.50%. Interest wil accrue at the fol owing rates during the indicated years of the term of the Notes:

·
Year 1:
6.00%

·
Year 2-20:
The Reference Rate multiplied by 4; provided that the interest rate can never be less than 0.00% or greater than 6.00%.

We may cal the Notes in whole, but not in part, on August 28, 2013, February 28, 2014, February 28, 2019, February 28, 2024 and February 28, 2029 upon at least 10 New York or London business
days prior written notice.

The Notes wil not be listed on any U.S. securities exchange.

Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page P-8 of this pricing supplement and "Risk Factors" beginning on page 1 of the prospectus supplement dated
January 28, 2011, and "Additional Risk Factors Specific to the Notes" beginning on page PS-5 of the product prospectus supplement FIN-1 dated January 28, 2011.

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 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 purchase prices that wil be
between 97.00% and 97.25% of the principal amount. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page P-9 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 wil not purchase more than 15% of the principal amount of the Notes.
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We wil deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on or about February 28, 2013, against payment in immediately available funds.

RBC Capital Markets, LLC

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Redeemable Leveraged
Steepener Notes,
Due February 28, 2033

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. Dollars

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

Pricing Date:
February 25, 2013

Issue Date:
February 28, 2013

Maturity Date:
February 28, 2033

CUSIP:
78008SWN2

Interest Rate:
Year 1:
6.00%

Year 2-20:
The value of the Reference Rate multiplied by 4; provided that the interest rate can never be less than 0.00% or greater than 6.00%.

Reference Rate:
High-Side Reference Rate minus Low-Side Reference Rate minus 0.50%

High-Side Reference
30 Year CMS Rate, as reported on Reuters Page ISDAFIX1 or any successor page thereto at 11:00 am New York time
Rate:

Low-Side Reference
2 Year CMS Rate, as reported on Reuters Page ISDAFIX1 or any successor page thereto at 11:00 am New York time
Rate:

Type of Note:
Your Notes are cal ed a "Leveraged Steepener Note" because, from the beginning of year 2 until the Maturity Date or the date of redemption, as the case may
be, the Notes bear a variable rate of interest at a "leveraged," or multiplied, rate, subject to a maximum interest rate, if the High-Side Reference Rate exceeds
the Low-Side Reference Rate by at least 0.50%. If the High-Side Reference Rate does not exceed the Low-Side Reference Rate by at least 0.50%, interest wil
accrue at the rate of 0.00% for that interest period. FOR EVERY INTEREST PERIOD THAT THE HIGH-SIDE REFERENCE RATE DOES NOT EXCEED THE
LOW-SIDE REFERENCE RATE BY AT LEAST 0.50%, YOU WILL NOT RECEIVE A COUPON PAYMENT.

Interest Determination
Five U.S. government securities settlement days prior to the beginning of each interest period, beginning in the second year of the term of the Notes. A "U.S.
Dates:
government securities settlement day" is any day except a Saturday, a Sunday, or a day on which The Securities Industry and Financial Markets Association (or
any successor thereto) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government
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securities.

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Redeemable Leveraged
Steepener Notes,
Due February 28, 2033

Interest Payment
Semi-annual y, in arrears, on February 28th and August 28th of each year, commencing on August 28, 2013 and ending on the Maturity Date. If any Interest
Dates:
Payment Date is not a New York or London business day, interest wil be paid on the next New York or London business day, without adjustment for period end
dates and no additional interest wil be paid in respect of the postponement.

Redemption:
Redeemable at our option, in whole, but not in part.

Cal Date(s):
The Notes are cal able, in whole, but not in part, on August 28, 2013, February 28, 2014, February 28, 2019, February 28, 2024 and February 28, 2029 upon at
least 10 New York or London business days prior written notice.

Survivor's Option:
Not Applicable

Minimum Investment:
$1,000 (except for certain non-U.S. investors for whom the minimum investment wil be higher)

U.S. Tax Treatment:
The Notes wil be treated as debt instruments for U.S. federal income tax purposes. We intend to take the position that the Notes wil be treated as contingent

payment debt instruments. Please see the discussion in this terms 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 dated January 28, 2011 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 exceeds one year--Leveraged Steepener Notes," and under "Supplemental Discussion
of U.S. Federal Income Tax Consequences--Supplemental U.S. Tax Considerations--Where the term of your notes exceeds one year--Rules Applicable to Notes
Treated as Contingent Payment Debt Instruments for Tax Purposes," which apply to your 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 described under "Description of Debt Securities--Ownership
Settlement:
and Book-Entry Issuance" in the prospectus dated January 28, 2011).

Terms Incorporated in
Al of the terms appearing above the item captioned "Listing" on pages P-2 and P-3 of this pricing supplement and the applicable terms appearing under the
the Master Note:
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 Leveraged
Steepener Notes,
Due February 28, 2033

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 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 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 "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.

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Redeemable Leveraged
Steepener Notes,
Due February 28, 2033

HISTORICAL INFORMATION

Historical y, the High-Side Reference Rate and the Low-Side Reference Rate, and the difference between them, have experienced significant fluctuations. Any historical upward or downward trend in
these rates 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 term of the Notes. Royal Bank
cannot make any assurances that the future levels of the High-Side Reference Rate and the Low-Side Reference Rate wil result in holders of the Notes receiving interest payments after the first two
semi-annual interest payments.

The Reference Rate was 2.0255% on February 25, 2013. The graph below sets forth the historical performance of the Reference Rate from February 25, 1995 through February 25, 2013.

Source: Bloomberg L.P.

Historical Period

Total number of days in the historical period
6,576 days
Number of days the High-Side Reference Rate was greater than the Low-Side Reference Rate by at least 0.50%
5,340 days
Number of days the High-Side Reference Rate was not greater than the Low-Side Reference Rate by at least 0.50%
1,236 days

The historical performance shown above is not indicative of future performance. The level of the High-Side Reference Rate may not exceed the Low-Side Reference Rate by at least 0.50% on
one or more specific Interest Determination Dates after the first year of the term of the Notes.

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Redeemable Leveraged
Steepener Notes,
Due February 28, 2033

HYPOTHETICAL EXAMPLES

The table below presents examples of the hypothetical interest which wil accrue on the Notes with a principal amount of $1,000 after the first year of the term of the Notes. The examples below
are for purposes of il ustration only. The actual interest payments wil depend on the actual difference between the High-Side Reference Rate and the Low-Side Reference Rate on each interest
determination date. The applicable interest rate for each interest period wil be determined on a per-annum basis but wil apply only to that interest period. Whether or not you would receive interest at the
hypothetical interest rates below would depend on whether or not we determine to exercise our redemption right prior to the interest period in which those interest rates would take effect.

Hypothetical Difference between the High- Side
Hypothetical Interest
Hypothetical Semi-Annual
minus Low-Side Reference Rates minus 0.50%
Rate (per annum)
Interest Payment
-2.00%
0.00%
$0.00
-1.85%
0.00%
$0.00
-1.70%
0.00%
$0.00
-1.55%
0.00%
$0.00
-1.40%
0.00%
$0.00
-1.25%
0.00%
$0.00
-1.10%
0.00%
$0.00
-0.95%
0.00%
$0.00
-0.80%
0.00%
$0.00
-0.65%
0.00%
$0.00
-0.50%
0.00%
$0.00
-0.35%
0.00%
$0.00
-0.20%
0.00%
$0.00
-0.05%
0.00%
$0.00
0.10%
0.40%
$2.00
0.25%
1.00%
$5.00
0.40%
1.60%
$8.00
0.55%
2.20%
$11.00
0.70%
2.80%
$14.00
0.85%
3.40%
$17.00
1.00%
4.00%
$20.00
1.15%
4.60%
$23.00
1.30%
5.20%
$26.00

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