Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-259205
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Pricing Supplement
Dated August 11, 2022
To the Product Prospectus Supplement FIN-1 Dated
September 14, 2021, and the Prospectus and Prospectus
Supplement, each dated September 14, 2021
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$74,500,000
Redeemable Fixed Rate Notes,
Due August 15, 2023
Royal Bank of Canada
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Redeemable Fixed Rate Notes
Royal Bank of Canada
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Issuer:
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Royal Bank of Canada (“Royal Bank”)
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Issue:
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Senior Global Medium-Term Notes, Series I
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Underwriter:
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RBC Capital Markets, LLC
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Currency:
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U.S. Dollars
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Minimum
Investment:
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$1,000 and minimum denominations of $1,000 in excess of $1,000
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Pricing Date:
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August 11, 2022
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Issue Date:
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August 15, 2022
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Maturity Date:
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August 15, 2023
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Type of Note:
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Fixed Rate Note
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Interest Rate:
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3.55% per annum
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Interest Payment
Dates:
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Quarterly, on November 15, 2022, February 15, 2023, May 15, 2023, and the maturity date. 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.
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Redemption:
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Redeemable at our option. If we redeem the Notes, we will pay you the principal amount, together with the applicable interest
payment.
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Call Dates:
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The Notes are callable, in whole, but not in part, on February 15, 2023 and on any Interest Payment Date thereafter, upon 10
business days’ prior written notice.
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Survivor’s Option:
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Not Applicable.
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Canadian Bail-in:
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The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance
Corporation Act.
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U.S. Tax
Treatment:
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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 not exceed one year—Accrual Notes, Fixed Rate Notes and Step Up Notes,” and “Supplemental Discussion of U.S. Federal Income Tax Consequences—Supplemental U.S. Tax Considerations—Where
the term of your notes will not exceed one year—Treatment Upon Sale, Redemption or Maturity,” which applies to your Notes.
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Calculation Agent:
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RBC Capital Markets, LLC
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Listing:
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The Notes will not be listed on any securities exchange.
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Redeemable Fixed Rate Notes
Royal Bank of Canada
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Clearance and
Settlement:
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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).
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Terms
Incorporated in the
Master Note:
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All 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 caption “General Terms of the Notes” in the product prospectus supplement FIN-1 dated September 14, 2021, as modified by this pricing supplement.
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Redeemable Fixed Rate Notes
Royal Bank of Canada
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Redeemable Fixed Rate Notes
Royal Bank of Canada
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Redeemable Fixed Rate Notes
Royal Bank of Canada
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