Obligation Royal Bank of Canada 3.07% ( US78014RAY62 ) en USD

Royal Bank of Canada

100 % ▲

Canada

US78014RAY62 ( en USD )

3.07% par an ( paiement semestriel )

05/07/2030

Prospectus brochure de l'obligation Royal Bank of Canada US78014RAY62 en USD 3.07%, échéance 05/07/2030

1 000 USD

10 000 000 USD

78014RAY6

A ( Qualité moyenne supérieure )

A1 ( Qualité moyenne supérieure )

05/07/2025 ( Dans 72 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 US78014RAY62, paye un coupon de 3.07% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 05/07/2030

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78014RAY62, a été notée A1 ( Qualité moyenne supérieure ) par l'agence de notation Moody's.

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78014RAY62, a été notée A ( Qualité moyenne supérieure ) par l'agence de notation Standard & Poor's ( S&P ).

424B2 1 form424b2.htm PS 78014RAY6
RBC Ca pit a l M a rk e t s®
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 2 7 0 0 1

Pricing Supplement
$15,000,000 Redeemable Fixed Rate
Dated June 27, 2019
Notes,
To the Product Prospectus Supplement FIN-1 Dated September 20,
Due July 5, 2030
2018, and the Prospectus and Prospectus Supplement, each dated
Royal Bank of Canada
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 78014RAY6.
The Notes will accrue interest at the rate of 3.07% per annum during each year of their term.
We will pay interest on the Notes on January 5 and July 5 of each year (each an "Interest Payment Date"), commencing on
January 5, 2020.
We may call the Notes in whole, but not in part, beginning on July 5, 2020, and each July 5th thereafter, upon 10 business days'
prior written notice. All payments on the Notes are subject to our credit risk.
The Notes will not be listed on any U.S. securities exchange.
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.
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 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 a purchase price of 99.50% to 99.75% of the principal amount. See
"Supplemental Plan of Distribution (Conflicts of Interest)" below.
We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on July 5, 2019, against
payment in immediately available funds.
RBC Capital Markets, LLC

Redeemable Fixed Rate Notes,
Due July 5, 2030
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SU M M ARY
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. Dollars
Minimum Investment:
$1,000 and minimum denominations of $1,000 in excess of $1,000
Pricing Date:
June 27, 2019
Issue Date:
July 5, 2019
Maturity Date:
July 5, 2030
CUSIP:
78014RAY6
Type of Note:
Fixed Rate Note
Interest Rate:
3.07% per annum
Interest Payment
Semi-annually, on January 5 and July 5 of each year, commencing on January 5, 2020. If an Interest
Dates:
Payment Date is not a New York business day, interest shall 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. If we redeem the Notes, we will pay you the principal amount, together with
the applicable interest payment.
Call Dates:
The Notes are callable, in whole, but not in part, beginning on July 5, 2022, and each July 5th 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 the
Powers
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 specifically the discussion under "Supplemental Discussion of
U.S. Federal Income Tax Consequences--Supplemental U.S. Tax Considerations--Where the term of
your notes will 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.
P-2
RBC Capital Markets, LLC

Redeemable Fixed Rate Notes,
Due July 5, 2030

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Tax Considerations--Where the term of your notes will exceed one year--Sale, Redemption or Maturity
of Notes that Are Not Treated as Contingent Payment Debt Instruments," which applies to your Notes.
These discussions do not address the tax consequences applicable to holders subject to Section 451(b)
of the Code.
The accompanying product prospectus supplement notes that FATCA withholding on payments of gross
proceeds from a sale or redemption of the Notes will 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 will 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
All of the terms appearing above the item captioned "Listing" on page P-2 of this pricing supplement and
the Master Note:
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.
P-3
RBC Capital Markets, LLC

Redeemable Fixed Rate Notes,
Due July 5, 2030
ADDI T I ON AL T ERM S OF Y OU R N OT ES
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 will 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 well 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 carefully 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 follows (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,"
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"we," "us," or "our" refers to Royal Bank of Canada.
P-4
RBC Capital Markets, LLC

Redeemable Fixed Rate Notes,
Due July 5, 2030
ADDI T I ON AL RI SK FACT ORS
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 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 advisors as to the risks entailed by an investment in the Notes and the suitability of the
Notes in light of their particular circumstances.
Ea rly Re de m pt ion Risk . We have the option to redeem the Notes on the Call Dates set forth above. It is more likely that we
will 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 will not receive any further payments on the Notes.
I nve st ors Are Subje c t t o Our Cre dit Risk , a nd Our Cre dit Ra t ings a nd Cre dit Spre a ds M a y Adve rse ly Affe c t
t he M a rk e t V a lue of t he N ot e s. 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.
P-5
RBC Capital Markets, LLC

Redeemable Fixed Rate Notes,
Due July 5, 2030
AGREEM EN T WI T H RESPECT T O T H E EX ERCI SE OF CAN ADI AN BAI L-I N
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; (ii) attorn and
submit to the jurisdiction of the courts in the Province of Ontario with respect to the CDIC Act and those laws; and (iii) acknowledge
and agree that the terms referred to in paragraphs (i) and (ii), 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 will 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 full 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 will 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
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consent will 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 Offer?Special 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.
P-6
RBC Capital Markets, LLC

Redeemable Fixed Rate Notes,
Due July 5, 2030
SU PPLEM EN T AL PLAN OF DI ST RI BU T I ON (CON FLI CT S OF I N T EREST )
Delivery of the Notes will be made against payment for the Notes on July 5, 2019, which is the fifth (5th) business day following the
Pricing Date (this settlement cycle being referred to as "T+5"). 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.
Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two
business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the
Notes on any date prior to two business days before delivery will be required, by virtue of the fact that the Notes will settle in five
business days (T+5), to specify alternative settlement arrangements to prevent a failed settlement.
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.
P-7
RBC Capital Markets, LLC

Redeemable Fixed Rate Notes,
Due July 5, 2030
V ALI DI T Y OF T H E N OT ES
In the opinion of Norton Rose Fulbright 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 and delivered against payment therefor, the Notes will 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 will 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, all 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 will 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
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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 September 7, 2018, which has been filed as Exhibit 5.2 to the
Bank's Form 6-K dated September 7, 2018.
P-8
RBC Capital Markets, LLC
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