Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-259205
|
|||
The information in this preliminary pricing supplement is not complete and may be changed.
|
|||
Preliminary Pricing Supplement
Subject to Completion:
Dated June 29, 2022 To the Product Prospectus Supplement FIN-1 Dated September 14, 2021, and the Prospectus and Prospectus Supplement, each dated September 14, 2021
|
$_________
Redeemable Fixed Rate Notes,
Due July 15, 2024 Royal Bank of Canada |
||
Per Note
|
Total
|
||
Price to public(1)
|
100.00%
|
$[_]
|
|
Underwriting discounts and commissions(1)
|
1.50%
|
$[_]
|
|
Proceeds to Royal Bank of Canada
|
98.50%
|
$[_]
|
|
|
Redeemable Fixed Rate Notes
Royal Bank of Canada
|
Issuer:
|
Royal Bank of Canada (“Royal Bank”)
|
Issue:
|
Senior Global Medium-Term Notes, Series I
|
Underwriter:
|
RBC Capital Markets, LLC ("RBCCM")
|
Currency:
|
U.S. Dollars
|
Minimum Investment:
|
$1,000 and minimum denominations of $1,000 in excess of $1,000
|
Pricing Date:
|
July 13, 2022
|
Issue Date:
|
July 15, 2022
|
Maturity Date:
|
July 15, 2024
|
Type of Note:
|
Fixed Rate Note
|
Interest Rate:
|
4.00% per annum
|
Interest Payment
Dates:
|
Semi-annually, on January 15 and July 15 of each year, commencing on January 15, 2023. If an Interest Payment Date is not a New York business day, interest will be paid on
the next New York business day, without adjustment for period end dates and no interest will 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 January 15, 2023, and semi-annually thereafter upon 10 business days’ prior written notice.
|
Survivor’s Option:
|
Not Applicable.
|
Canadian Bail-in
Powers
Acknowledgment:
|
The Notes are bail-inable notes. See “Agreement with Respect to the Exercise of Canadian Bail-in Powers.”
|
U.S. Tax Treatment:
|
Please see the discussion (including the opinion of our special U.S. tax counsel, Ashurst LLP) in the product prospectus supplement FIN-1 dated September 14, 2021 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. 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.
|
|
|
Redeemable Fixed Rate Notes
Royal Bank of Canada
|
Calculation Agent:
|
RBCCM
|
Listing:
|
The Notes will not be listed on any securities exchange.
|
Clearance and
Settlement:
|
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under “Ownership and Book-Entry Issuance” in the prospectus
dated September 14, 2021).
|
Terms Incorporated in
the Master Note:
|
All of the terms appearing above the item captioned “Listing” on pages P-2 and P-3 of this pricing supplement, the section "Agreement with Respect to the Exercise of Canadian Bail-in
Powers” below, and the applicable terms appearing under the caption “General Terms of the Notes” in the product prospectus supplement FIN-1 dated September 14, 2021, as modified by this pricing supplement.
|
|
|
Redeemable Fixed Rate Notes
Royal Bank of Canada
|
|
|
Redeemable Fixed Rate Notes
Royal Bank of Canada
|
|
|
Redeemable Fixed Rate Notes
Royal Bank of Canada
|
|
|
Redeemable Fixed Rate Notes
Royal Bank of Canada
|