Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-259205
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The information in this
preliminary terms supplement is not complete and may be changed.
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Preliminary Pricing Supplement
Subject to Completion:
Dated November 29, 2022 To the Product Prospectus Supplement FIN-1, and the Prospectus Supplement and Prospectus, each dated September 14, 2021
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$_________
Redeemable Fixed Rate Notes,
Due January 16, 2024 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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December 12, 2022
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Issue Date:
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December 14, 2022
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Maturity Date:
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January 16, 2024
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Type of Note:
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Fixed Rate Note
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Interest Rate:
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5.35% per annum
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Interest Payment
Dates:
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March 14, 2023, June 14, 2023, September 14, 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, beginning on June 14, 2023, and on each 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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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 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.
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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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