Obligation Royal Bank of Canada 0% ( US78014RCV06 ) en USD

Royal Bank of Canada

100 % ▲

Canada

US78014RCV06 ( en USD )

0%

15/11/2022 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78014RCV06 en USD 0%, échue

1 000 USD

95 650 000 USD

78014RCV0

AA- ( Haute qualité )

Aa1 ( Haute qualité )

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 US78014RCV06, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/11/2022

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78014RCV06, a été notée Aa1 ( Haute qualité ) par l'agence de notation Moody's.

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78014RCV06, a été notée AA- ( Haute qualité ) par l'agence de notation Standard & Poor's ( S&P ).

5/14/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120011564/form424b2.htm
424B2 1 form424b2.htm CMS NOTES 78014RCV0
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001

Pricing Supplement
$95,650,000
Dated May 11, 2020
Floating Rate Notes with Coupon Floor,
Due November 15, 2022
To the Product Prospectus Supplement FIN-1 Dated
September 20, 2018, and the Prospectus and Prospectus
Royal Bank of Canada
Supplement, each dated September 7, 2018
Royal Bank of Canada is offering the CMS Floating Rate Notes with Coupon Floor (the "Notes") described below.
The CUSIP number for the Notes is 78014RCV0.
The Notes wil pay interest quarterly, on the 15th day of each February, May, August and November, commencing on
August 15, 2020 and ending on the Maturity Date.
The "Reference Rate" is the 2 Year CMS rate. The Notes wil accrue interest at a per annum rate equal to the Reference
Rate (subject to a Coupon Floor of 1.05%).
The Notes wil not be listed on any securities exchange.
Investing in the Notes involves a number of risks. See "Additional Risk Factors" on page P-7 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" beginning on page S-1 of the prospectus supplement dated September 7, 2018.
The Notes wil not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit
Insurance Corporation or any other Canadian or U.S. government agency or instrumentality. The Notes are not subject to
conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.
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.
The initial estimated value of the Notes as of the pricing date was $993.72 per $1,000 in principal amount, which is less
than the price to the public. The actual value of the Notes at any time wil reflect many factors, cannot be predicted with
accuracy, and may be less than this amount. We describe our determination of the initial estimated value in more detail
below.
RBC Capital Markets, LLC wil offer 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 99.72% and 100% of the principal
amount. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.
We wil deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on May 15, 2020,
against payment in immediately available funds.
RBC Capital Markets, LLC
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Floating Rate Notes with Coupon Floor
Royal Bank of Canada
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")
Underwriter:
RBC Capital Markets, LLC
Currency:
U.S. Dol ars
Minimum Investment:
$1,000 and minimum denominations of $1,000 in excess of $1,000
Pricing Date:
May 11, 2020
Issue Date:
May 15, 2020
Maturity Date:
November 15, 2022
Interest Rate:
The Reference Rate, subject to the Coupon Floor.
Reference Rate:
2 Year CMS Rate, as reported on Reuters Page ICESWAP1 or any successor page thereto at
11:00 am New York time
Coupon Floor:
1.05%
Day Count Fraction:
30/360
Type of Note:
Floating Rate Notes with Coupon Floor
Interest Payment
Quarterly, on the 15th day of each February, May, August and November, commencing on
Dates:
August 15, 2020 and ending on the Maturity Date. If any Interest Payment Date is not a New
York business day, interest wil be paid on the next New York business day as further
discussed beginning on page S-20 of the prospectus supplement, without adjustment for
period end dates and no additional interest wil be paid in respect of the postponement.
Interest Period:
Each period from and including an Interest Payment Date (or, for the first period, the
Settlement Date) to but excluding the next fol owing Interest Payment Date.
Interest Determination
Five U.S. government securities settlement days prior to the beginning of each interest period.
Dates During Floating
A "U.S. government securities settlement day" is any day except a Saturday, a Sunday, or a
Rate Period:
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.
Redemption:
Not Applicable.
Survivor's Option:
Not Applicable.
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Floating Rate Notes with Coupon Floor
Royal Bank of Canada
U.S. Tax Treatment:
We intend to take the position that the Notes wil be treated as variable rate debt instruments

providing for a qualified floating rate for U.S. federal income tax purposes. Under this
characterization, the Notes may be issued with de minimis OID. Please see the discussion in
the accompanying prospectus dated September 7, 2018 under the section entitled "Tax
Consequences--United States Taxation" and specifical y the discussion under "Tax
Consequences--United States Taxation--Original Issue Discount--Variable Rate Debt
Securities," and in the product prospectus supplement FIN-1 dated September 20, 2018
(including the opinion of our counsel Morrison & Foerster LLP) 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 wil 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.
Tax Considerations--Where the term of your notes wil exceed one year--Sale, Redemption
or Maturity of Notes that Are Not Treated as Contingent Payment Debt Instruments," which
apply to your Notes.
Determination of CMS
The 2 Year CMS Rate wil be the rate for U.S. dol ar swaps with a maturity for the specified
Rate:
number of years, expressed as a percentage, on the applicable Interest Determination Date.

If the 2 Year CMS Rate is not reported on the Interest Determination Date, then the 2 Year
CMS Rate wil be a percentage determined on the basis of the mid-market, semi-annual swap
rate quotations provided by five leading swap dealers in the New York City interbank market at
approximately 11:00 a.m., New York City time, on that Interest Determination Date. For this
purpose, the semi-annual swap rate means the mean of the bid and offered rates for the semi-
annual fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S. dol ar
interest rate swap transaction with a term equal to the applicable number of years
commencing on the first date of the applicable interest period and in a representative amount
with an acknowledged dealer of good credit in the swap market, where the floating leg,
calculated on an Actual/360 day count basis, is based on a 3-month LIBOR rate (or any rate
that the Calculation Agent determines to be a successor or an alternative rate to 3-month
LIBOR). The Calculation Agent wil select the five swap dealers after consultation with us and
wil request the principal New York City office of each of those dealers to provide a quotation of
its rate. If at least three quotations are provided, the 2 Year CMS Rate for that Interest
Determination Date wil be the arithmetic mean of the quotations, eliminating the highest and
lowest quotations or, in the event of equality, one of the highest and one of the lowest
quotations.
If fewer than three leading swap dealers selected by the Calculation Agent are quoting as
described above, the 2 Year CMS Rate wil be the rate that the Calculation Agent, in its sole
discretion, determines to be fair and reasonable under the circumstances at approximately
11:00 a.m., New York City time, on the relevant Interest Determination Date, taking into
account any successor or alternative rate to 3-month LIBOR, if applicable.
Calculation Agent:
RBC Capital Markets, LLC
Listing:
The Notes wil not be listed on any securities exchange.
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Floating Rate Notes with Coupon Floor
Royal Bank of Canada
Clearance and
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg
Settlement:
as described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in
the prospectus dated September 7, 2018).
Terms Incorporated in
Al of the terms appearing above the item captioned "Listing" on pages P-2 and P-3 of this
the Master Note:
pricing supplement and the applicable 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.
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Floating Rate Notes with Coupon Floor
Royal Bank of Canada
ADDITIONAL TERMS OF YOUR NOTES
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 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 al
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 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
fol ows (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," "we," "us," or "our" refers to Royal Bank of Canada.
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Floating Rate Notes with Coupon Floor
Royal Bank of Canada
HYPOTHETICAL EXAMPLES
The table below presents examples of the hypothetical interest which wil accrue on the Notes with a principal amount of
$1,000. The examples below are for purposes of il ustration only. The actual interest payments wil depend on the
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.
Hypothetical Reference Rate
Hypothetical Interest
Hypothetical Quarterly
Rate (per annum)
Interest Payment
0.00%
1.05%
$2.625
0.50%
1.05%
$2.625
1.00%
1.05%
$2.625
1.05%
1.05% (1)
$2.625
1.50%
1.50%
$3.75
2.00%
2.00%
$5.00
2.50%
2.50%
$6.25
3.00%
3.00%
$7.50
3.50%
3.50%
$8.75
4.00%
4.00%
$10.00
4.50%
4.50%
$11.25
5.00%
5.00%
$12.50
5.50%
5.50%
$13.75
6.00%
6.00%
$15.00
(1) The minimum interest rate on the Notes is 1.05% per annum.
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Floating Rate Notes with Coupon Floor
Royal Bank of Canada
ADDITIONAL RISK FACTORS
The Notes involve risks not associated with an investment in ordinary floating rate notes. This section describes the most
significant risks relating to the terms of the Notes. For additional information as to the risks related to an investment in the
Notes, please see the accompanying product prospectus supplement FIN-1 dated September 20, 2018 and the prospectus
supplement and prospectus, each dated September 7, 2018. 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.
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 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 our credit ratings or increase in the credit spreads charged by the market for
taking our credit risk is likely to adversely affect the market value of the Notes.
The Initial Estimated Value of the Notes Is Less than the Price to the Public. The initial estimated value set forth on
the cover page of this pricing supplement 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 securities of
this kind, and the inclusion in the price to the public of the underwriting discount 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 underwriting discount 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.
The Initial Estimated Value of the Notes Is an Estimate Only, Calculated as of the Time the Terms of the Notes
Were Set. 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 securities 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.
Regulatory Investigations Regarding Potential Manipulation of CMS Rates May Adversely Affect Your Notes. It has
been reported that certain U.S. and non-U.S. regulators are investigating potential manipulation of CMS rates and other
swap rates. If such manipulation occurred, it may have resulted in these rates, including CMS2 being artificial y lower (or
higher) than it or they would otherwise have been. Any changes or reforms affecting the determination or
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Floating Rate Notes with Coupon Floor
Royal Bank of Canada
supervision of these rates in light of these investigations may result in a sudden or prolonged increase or decrease in
these reported rates, which may have an adverse impact on the trading market for CMS-benchmarked securities, such as
the Notes, the market value of your notes and the payments on your Notes.
Uncertainty About the Future of LIBOR and the Potential Discontinuance of LIBOR May Adversely Affect the Value
of the Notes. The Reference Rate Is Based on Hypothetical Interest Rate Swaps Referencing 3-Month U.S. Dollar
LIBOR. The Chief Executive of the United Kingdom Financial Conduct Authority (the "FCA"), which regulates LIBOR, has
announced that the FCA intends to stop persuading or compel ing banks to submit rates for the calculation of LIBOR after
2021. At this time, it is not possible to predict the effect of any such changes on 3-month U.S. dol ar LIBOR and, therefore,
CMS2. Uncertainty as to the nature of such potential changes or other reforms may adversely affect the payments on the
Notes, and accordingly, the value of and the trading market for the Notes during their term. If CMS2 is discontinued, the
Calculation Agent wil have significant discretion in determining the interest payable on the Notes.
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Floating Rate Notes with Coupon Floor
Royal Bank of Canada
HISTORICAL INFORMATION
Historical y, the Reference Rate has experienced significant fluctuations. Any historical upward or downward trend in the
level of the Reference Rate 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.
The graph below sets forth the historical performance of the Reference Rate from January 1, 2015 through May 11, 2020.
Source: Bloomberg L.P.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
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Floating Rate Notes with Coupon Floor
Royal Bank of Canada
SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)
Delivery of the Notes wil be made against payment for the Notes on or about May 15, 2020, which is expected to be the
fourth (4th) business day fol owing the Pricing Date (this settlement cycle being referred to as "T+4"). 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.
We wil deliver the Notes on a date that is greater than two business days fol owing the Trade Date. Under Rule 15c6-1 of
the Exchange Act, trades in the secondary market general y 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 more than two business
days prior to the original Issue Date wil be required to specify alternative arrangements to prevent a failed settlement.
After the initial offering of the Notes, the price to the public may change.
The value of the Notes shown on your account statement may be based on RBCCM's estimate of the value of the Notes if
RBCCM or another of our affiliates were to make a market in the Notes (which it is not obligated to do). That estimate wil
be based upon the price that RBCCM may pay for the Notes in light of then prevailing market conditions, our
creditworthiness and transaction costs. For a period of up to approximately six months after the issue date of the Notes,
the value of the Notes that may be shown on your account statement is expected to be higher than RBCCM's estimated
value of the Notes at that time. This is because the estimated value of the Notes wil not include the underwriting discount
and our hedging costs and profits; however, the value of the Notes shown on your account statement during that period
may initial y be a higher amount, reflecting the addition of RBCCM's underwriting discount and our estimated costs and
profits from hedging the Notes. This excess is expected to decrease over time until the end of this period. After this period,
if RBCCM repurchases your Notes, it expects to do so at prices that reflect their estimated value.
We may use this pricing supplement in the initial sale of the Notes. In addition, RBCCM 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.
Each of RBCCM and any other broker-dealer offering the Notes have not offered, sold or otherwise made available and
wil not offer, sel or otherwise make available any of the Notes to, any retail investor in the European Economic Area
("EEA") or in the United Kingdom. For these purposes, the expression "offer" includes the communication in any form and
by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to
decide to purchase or subscribe the Notes, and a "retail investor" means a person who is one (or more) of: (a) a retail
client, as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (b) a customer, within the
meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined
in point (10) of Article 4(1) of MiFID II; or (c) not a qualified investor as defined in Regulation (EU) 2017/1129 (the
"Prospectus Regulation"). Consequently, no key information document required by Regulation (EU) No 1286/2014 (as
amended, the "PRIIPs Regulation") for offering or sel ing the Notes or otherwise making them available to retail investors in
the EEA or the United Kingdom has been prepared, and therefore, offering or sel ing the Notes or otherwise making them
available to any retail investor in the EEA or the United Kingdom may be unlawful under the PRIIPs Regulation.
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