Obligation Royal Bank of Canada 7% ( US78010UVX26 ) en USD

Royal Bank of Canada

100 % ▲

Canada

US78010UVX26 ( en USD )

7% par an ( paiement semestriel )

30/06/2029

Prospectus brochure de l'obligation Royal Bank of Canada US78010UVX26 en USD 7%, échéance 30/06/2029

1 000 USD

10 000 000 USD

78010UVX2

AA- ( Haute qualité )

NR

30/06/2025 ( Dans 67 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 US78010UVX26, paye un coupon de 7% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 30/06/2029

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78010UVX26, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78010UVX26, a été notée AA- ( Haute qualité ) par l'agence de notation Standard & Poor's ( S&P ).

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424B2 1 s627140424b2.htm MSSB 15NC1Y STEEPENER
June 2014
Registration Statement No. 333-189888
Dated June 25, 2014
Filed Pursuant to Rule 424(b)(2)

INTEREST RATE STRUCTURED INVESTMENTS
$10,000,000 Fixed to Floating Rate Notes due June 30, 2029
Redeemable Leveraged CMS Linked Steepener Notes
As further described below and subject to our redemption right, the notes wil bear interest in Year 1 at a rate of 7.00% per annum and in Years 2-15 at a
variable rate per annum equal to 4.5 times the reference rate, provided that the interest rate can never be less than 0.00% or greater than 7.00% per annum.
Interest on the notes, if any, wil be payable quarterly on the 30th day of March, June, September and December of each year, commencing on September
30, 2014. The "reference rate" wil be equal to the difference between 30 year CMS rate and the 5 year CMS rate. As a result, investors must be wil ing to
accept the risk of not receiving any interest payment for one or more of the interest periods. We have the right to redeem the notes, in whole but not in part,
on June 30, 2015, June 30, 2016, June 30, 2019 and June 30, 2024.
The notes are senior unsecured obligations of Royal Bank of Canada, issued as part of Royal Bank of Canada's Series F Senior Global Medium-Term
Notes program. Al payments on the notes, including the repayment of principal, are subject to the credit risk of Royal Bank of Canada.
SUMMARY TERMS
Issuer:
Royal Bank of Canada
Aggregate principal amount:
$10,000,000 (We may increase the aggregate principal amount prior to the issue date but are not required to do so.)
Agent:
RBC Capital Markets, LLC ("RBCCM"). See "Supplemental Information Regarding Plan of Distribution; Conflicts of Interest."
Principal amount:
$1,000 per note
Issue price:
The notes have been offered at varying public offering prices related to prevailing market prices. See "Supplemental Information
Regarding Plan of Distribution; Conflicts of Interest."(1)
Pricing date:
June 25, 2014
Issue date:
June 30, 2014
Maturity date:
June 30, 2029
Payment at maturity:
The payment at maturity per note will be the principal amount plus accrued and unpaid interest, if any.
Interest rate:
Year 1: 7.00% per annum
Years 2-15: The reference rate multiplied by the leverage factor; provided that the interest rate can never be less than
0.00% or greater that 7.00% per annum.

Beginning with the interest period commencing on June 30, 2015, it is possible that you could receive little or no interest on the
notes. If, on the related interest determination date, the reference rate is less than or equal to the CMS index strike, interest will
accrue at a rate of 0.00% for that interest period.
Reference rate:
High-side reference rate minus low-side reference rate
High-side reference rate:
30 Year CMS Rate, as reported on Reuters Page ISDAFIX1 or any successor page thereto at 11:00 am New York time
Low-side reference rate:
5 Year CMS Rate, as reported on Reuters Page ISDAFIX1 or any successor page thereto at 11:00 am New York time
Leverage factor:
4.5
CMS index strike:
0.00%
Interest payment dates:
The 30th calendar day of each March, June, September and December, beginning September 30, 2014. If any interest payment
date is not a Business Day, interest will be paid on the following Business Day, and interest on that payment will not accrue
during the period from and after the originally scheduled interest payment date.
Interest determination dates:
Two 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. 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 securities.
Day-count convention:
30/360
Redemption:
We have the right to redeem al of the notes on June 30, 2015, June 30, 2016, June 30, 2019 and June 30, 2024 and pay to you
100% of the principal amount per note plus accrued and unpaid interest to but excluding the date of such redemption. If we
decide to redeem the notes, we will give you at least 10 business days' prior notice.
Specified currency:
U.S. dollars
Trustee:
The Bank of New York Mel on
Calculation agent:
RBCCM
Listing:
The notes will not be listed on any securities exchange.
Denominations:
$1,000 / $1,000
CUSIP:
78010UVX2
Book-entry or certificated note:
Book-entry
Business day:
New York and London
Commissions and issue price:

Price to public (1)
Agent's commissions(1)
Proceeds to issuer
Per note:

Variable
$35
$965
Total:

$10,000,000
$350,000
$9,650,000
(1)
RBCCM, an affiliate of Royal Bank of Canada and the agent for the sale of the notes, will receive a fee of $35 for each $1,000 note sold in this offering. Certain
selected dealers, including Morgan Stanley & Co. LLC and their financial advisors will collectively receive from RBCCM a fixed selling concession of $35 for each
$1,000 note they sell. RBCCM will pay certain other selected dealers a variable selling concession of $35 for each $1,000 note they sel . You should refer to "Risk
Factors Relating to the Notes" and "Supplemental Information Regarding Plan of Distribution; Conflicts of Interest" for more information.
The initial estimated value of the notes as of the date of this document is $913 per $1,000 note, which is less than the price to public. The market value of
the notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount.
Investment in the notes involve certain risks. See "Risk Factors" beginning on page 3 of this document, "Additional Risk Factors Specific to the Notes"
in the accompanying product prospectus supplement, and "Risk Factors" in the prospectus supplement and prospectus.
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You should read this document together with the related product prospectus supplement, prospectus supplement and prospectus, each of which can
be accessed via the hyperlinks below, before you decide to invest.
Product Prospectus Supplement dated July 25, 2013
Prospectus Supplement dated July 23, 2013
Prospectus dated July 23, 2013
None of the Securities and Exchange Commission, any state securities commission or any other regulatory body has approved or disapproved of the
notes or passed upon the adequacy or accuracy of this document. Any representation to the contrary is a criminal offense.
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.

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Fixed to Floating Rate Notes due June 30, 2029
Redeemable Leveraged CMS Linked Steepener Notes

You should read this document together with the prospectus dated July 23, 2013, as supplemented by the prospectus
supplement dated July 23, 2013 and the product prospectus supplement dated July 25, 2013, relating to our Senior Global
Medium-Term Notes, Series F, of which these notes are a part. This document, together with those documents, contains
the terms of the notes and supersedes all other 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 rely only on the information provided or incorporated by reference in this document, the prospectus, the
prospectus supplement and the product prospectus supplement. We have not authorized anyone else to provide you with
different information, and we take no responsibility for any other information that others may give you. We and Morgan
Stanley & Co. LLC are offering to sel the notes and seeking offers to buy the notes only in jurisdictions where it is lawful to
do so. The information contained in this document and the accompanying product prospectus supplement, prospectus
supplement and prospectus is current only as of their respective dates.

Terms used but not defined in this document wil have the meanings given to them in the product prospectus supplement
and the prospectus supplement. If the information in this document differs from the information contained in the product
prospectus supplement, prospectus supplement or the prospectus, you should rely on the information in this document.

You should careful y consider, among other things, the matters set forth in "Risk Factors" in this document, "Additional Risk
Factors Specific to the Notes" in the accompanying product prospectus supplement, and "Risk Factors" in the
accompanying prospectus supplement, as the notes involve risks not associated with conventional debt securities. We urge
you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as fol ows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC website):

·
Prospectus dated July 23, 2013:
http://www.sec.gov/Archives/edgar/data/1000275/000121465913004043/f722130424b3.htm

·
Prospectus Supplement dated July 23, 2013:
http://www.sec.gov/Archives/edgar/data/1000275/000121465913004045/j716130424b3.htm

·
Product Prospectus Supplement FIN-1 dated July 25, 2013:
http://www.sec.gov/Archives/edgar/data/1000275/000121465913004075/c724131424b5.htm

Our Central Index Key, or CIK, on the SEC website is 1000275.

Please see the section "Documents Incorporated by Reference" on page i of the above prospectus for a description of our
filings with the SEC that are incorporated by reference therein.

June 2014
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Fixed to Floating Rate Notes due June 30, 2029
Redeemable Leveraged CMS Linked Steepener Notes

The notes involve risks not associated with an investment in ordinary floating rate notes. This section describes the most
significant risks relating to the notes. For a complete list of risk factors, please see the accompanying product prospectus
supplement, prospectus supplement and prospectus. 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 advisers as to the risks entailed by an investment in the notes and the suitability of the notes in light of
their particular circumstances.
§ The notes are subject to the credit risk of Royal Bank of Canada ("Royal Bank"), and any actual or anticipated
changes to its credit ratings or 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.
§ After the first year of the notes, the amount of interest payable on the notes is uncertain and could be 0.00%
per annum. After the first year of the term of the notes, the amount of interest payable on the notes in any interest
period wil depend on whether and the extent to which the high-side reference rate is greater than the low-side
reference rate on the related interest determination date. If the high-side reference rate does not exceed the low-side
reference rate on any interest determination date, the rate of interest payable for the related interest payment period
wil be 0%. If the high-side reference rate exceeds the low-side reference rate by only a smal amount, the interest
payment for the applicable interest period wil be limited. As a result, the effective yield on the notes may be less than
what would be payable on our conventional notes of comparable maturity. The actual interest payments on the notes
and return of only the principal amount at maturity may not compensate you for the effects of inflation and other factors
relating to the value of money over time.
§ The amount of interest payable on the notes in any interest period is capped. The interest rate on the notes for
each quarterly interest period after the first year of the term of the notes is capped for that period at the maximum
interest rate of 7.00% per annum, and, due to the leverage factor, you wil not receive the benefit of any increase in the
difference between the high-side and low-side reference rates above the level of 1.56% on any interest determination
date (because 7.00% divided by 4.5 is 1.56%). Accordingly, you could receive less than 7.00% per annum interest for
any given ful year even when the difference between the high-side reference rate and the low-side reference rate
increases substantial y in a quarterly interest period during that year if the difference between these rates in the other
interest periods in that year do not also increase substantial y, as you wil not receive the ful benefit of the
outperforming period due to the interest rate cap.
§ Early redemption risk. The issuer has the right to redeem the notes on June 30, 2015, June 30, 2016, June 30, 2019
and June 30, 2024. It is more likely that the issuer wil redeem the notes prior to their maturity date to the extent that
the difference between the high-side reference rate and the low-side reference rate during the term of the notes results
in an amount of the interest payable on the notes is greater than the interest that would be payable on other
instruments of the issuer of a comparable maturity, terms and credit rating trading in the market. If the notes are
redeemed prior to their maturity date, you wil receive no further interest payments, and you may have to re-invest the
proceeds in a lower rate environment.
§ The historical performance of the reference rate is not an indication of its future performance. The historical
performance of the reference rate should not be taken as an indication of its future performance during the term of the
notes. Changes in the level of the reference rate wil affect the trading price of the notes, but it is impossible to predict
whether the level of the reference rate wil rise or fal .
§ The price at which the notes may be resold prior to maturity will depend on a number of factors and may be
substantially less than the amount for which they were originally purchased. Some of these factors include, but
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are not limited to: (i) the level of the reference rate, (ii) changes in U.S. interest rates, (i i) any actual or anticipated
changes in our credit ratings or credit spreads, and (iv) time remaining to maturity.

June 2014
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Fixed to Floating Rate Notes due June 30, 2029
Redeemable Leveraged CMS Linked Steepener Notes
§ The initial estimated value of the notes is less than the price to the public. The initial estimated value that is set
forth on the cover page of this document does not represent a minimum price at which we, RBCCM or any of our
affiliates would be wil ing to purchase the notes in any secondary market (if any exists) at any time. If you attempt to
sel the notes prior to maturity, their market value may be lower than the price you paid for them and the initial
estimated value. This is due to, among other things, changes in the level of the reference rate, the borrowing rate we
pay to issue notes of this kind, and the inclusion in the price to the public of the agent's commissions and the estimated
costs relating to our hedging of the notes. These factors, together with various credit, market and economic factors
over the term of the notes, are expected to reduce the price at which you may be able to sel the notes in any
secondary market and wil affect the value of the notes in complex and unpredictable ways. Assuming no change in
market conditions or any other relevant factors, the price, if any, at which you may be able to sel your notes prior to
maturity may be less than your original purchase price, as any such sale price would not be expected to include the
agent's commissions and the hedging costs relating to the notes. In addition to bid-ask spreads, the value of the notes
determined for any secondary market price is expected to be based on the secondary rate rather than the internal
funding rate used to price the notes and determine the initial estimated value. As a result, the secondary price wil be
less than if the internal funding rate was used. The notes are not designed to be short-term trading
instruments. Accordingly, you should be able and wil ing to hold your notes to maturity.
§ Our initial estimated value of the notes is an estimate only, calculated as of the pricing date. The initial
estimated value of the notes is based on the value of our obligation to make the payments on the notes, together with
the mid-market value of the derivative embedded in the terms of the notes. See "Structuring the Notes" below. Our
estimate is based on a variety of assumptions, including our credit spreads, expectations as to interest rates and
volatility, and the expected term of the notes. These assumptions are based on certain forecasts about future events,
which may prove to be incorrect. Other entities may value the notes or similar notes at a price that is significantly
different than we do.

The value of the notes at any time after the pricing date wil vary based on many factors, including changes in market
conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the notes
in any secondary market, if any, should be expected to differ material y from the initial estimated value of your notes.
§ The notes will not be listed on any securities exchange and secondary trading may be limited. There may be
little or no secondary market for the notes. The notes wil not be listed on any securities exchange. RBCCM or any of
our other affiliates may make a market for the notes; however, they are not required to do so. RBCCM or any of our
other affiliates may stop any market-making activities at any time. Even if a secondary market for the notes develops,
it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any
secondary market would be high. As a result, the difference between bid and asked prices for your notes in any
secondary market could be substantial.

If you sel your notes before maturity, you may have to do so at a substantial discount from the issue price, and as a
result, you may suffer substantial losses.
§ Potential conflicts of interest may exist. Royal Bank of Canada and its affiliates play a variety of roles in connection
with the issuance of the notes, including acting as calculation agent and hedging our obligations under the notes. In
performing these duties, the economic interests of the calculation agent and other affiliates of ours are potential y
adverse to your interests as an investor in the notes. We wil not have any obligation to consider your interests as a
holder of the notes in taking any action that might affect the value of your notes.
§ Variable price reoffering risks. The notes were offered from time to time for sale at varying prices determined at the
time of each sale. Accordingly, the price that you pay for the notes may be higher than the prices paid by other
investors based on the date and time you make your purchase, from whom you purchase the notes (e.g., which broker
or dealer), any related transaction costs (e.g., any brokerage commission), whether you hold your notes in a brokerage
account, a fiduciary or fee-based account or another type of account and other factors beyond our control.

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Fixed to Floating Rate Notes due June 30, 2029
Redeemable Leveraged CMS Linked Steepener Notes
§ Tax treatment. For a discussion of the U.S. federal income tax consequences of your investment in a note, please see
the discussion under "U.S. Federal Income Tax Considerations" herein, the discussion under "Supplemental Discussion
of U.S. Federal Income Tax Consequences" in the accompanying product prospectus supplement, the discussion under
"Certain Income Tax Consequences" in the accompanying prospectus supplement and the discussion under "Tax
Consequences United States Taxation" in the accompanying prospectus.

For a discussion of the Canadian federal income tax consequences of your investment in a note, please see the
discussion under "Tax Consequences Canadian Taxation" in the accompanying prospectus.

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Fixed to Floating Rate Notes due June 30, 2029
Redeemable Leveraged CMS Linked Steepener Notes

The table below presents examples of hypothetical quarterly interest payments after the first year of the term of the notes
based on various hypothetical high-side reference rate and low-side reference rate values. The figures below have been
rounded for ease of analysis. The table and the fol owing examples of hypothetical interest payment calculations are based
on the fol owing terms:

§
Principal amount: $1,000

§
Leverage factor: 4.5

As il ustrated below, if the high-side reference rate is less than or equal to low-side reference rate on the applicable interest
determination date, the floating interest rate wil be the minimum interest rate of 0.00% and no interest wil accrue on the
notes for the related quarterly interest payment period.

The examples are for purposes of il ustration only and would provide different results if different assumptions were made.
The actual interest payments after the first year of the term of the notes wil depend on the actual values of the high-side
reference rate and low-side reference rate on each interest determination date. The applicable interest rate for each
quarterly interest payment period wil be determined on a per-annum basis but wil apply only to that quarterly interest
payment period.

Hypothetical Difference between the High-Side and
Hypothetical Interest
Hypothetical Quarterly
Low-Side Reference Rates
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%
0.45%
$1.13
0.25%
1.13%
$2.81
0.40%
1.80%
$4.50
0.55%
2.48%
$6.19
0.70%
3.15%
$7.88
0.85%
3.83%
$9.56
1.00%
4.50%
$11.25
1.15%
5.18%
$12.94
1.30%
5.85%
$14.63
1.45%
6.53%
$16.31
1.60%
7.00%
$17.50
1.75%
7.00%
$17.50
1.90%
7.00%
$17.50
2.05%
7.00%
$17.50
2.20%
7.00%
$17.50
2.35%
7.00%
$17.50
2.50%
7.00%
$17.50
2.65%
7.00%
$17.50
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2.80%
7.00%
$17.50
2.95%
7.00%
$17.50
3.10%
7.00%
$17.50
3.25%
7.00%
$17.50
3.40%
7.00%
$17.50
3.55%
7.00%
$17.50
3.70%
7.00%
$17.50

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