# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0001214659-23-000420
**Filing Date:** 2023-1
**Character Count:** 11036
**Document Hash:** c805bec4753a4f1a6dd30d72fbf597ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-23-000420.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0001214659-23-000420

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230110

**DATE AS OF CHANGE**: 20230109

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-259205
- **FILM NUMBER:** 23519289

**BUSINESS ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL BANK OF CANADA \
- **DATE OF NAME CHANGE:** 19950908
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL BANK OF CANADA \
- **DATE OF NAME CHANGE:** 19950908

**Filed pursuant to Rule 433**

**Registration No. 333-259205**

![](rbclogo_ts-sc.jpg)

**ROYAL BANK OF CANADA**

**MEDIUM-TERM NOTES, SERIES I**

**$1,700,000,000**

**5.000% SENIOR NOTES, DUE FEBRUARY 1, 2033**

**FINAL TERM SHEET**

**DATED JANUARY 9, 2023**

**Terms and Conditions**

---

| | |
|:---|:---|
| **Issuer:** | Royal Bank of Canada |
| **Title of the Series:** | 5.000% Senior Notes, due February 1, 2033 (the "Notes") |
| **Expected Ratings<sup>1</sup>:** | A1 / A / AA- (Moody's / S&P / Fitch) |
| **Principal Amount:** | $1700000000 |
| **Issue Price:** | 99.864% |
| **Trade Date:** | January 9, 2023 |
| **Settlement Date (T+3)<sup>2</sup>:** | January 12, 2023 |
| **Maturity Date:** | February 1, 2033 |
| **Minimum Denomination:** | $2,000 and multiples of $1,000 |
| **Interest Rate:** | 5.000% |
| **Treasury Benchmark:** | 4.125% UST due November 15, 2032 |
| **Treasury Benchmark Price:** | 105-00+ |
| **Treasury Yield:** | 3.517% |
| **Re-offer Spread to Treasury <br> Benchmark:** | T + 150bps |
| **Re-Offer Yield:** | 5.017% |
| **Fees:** | 0.350% |
| **Interest Payment Dates:** | Semi-annually on each February 1 and August 1, beginning August 1, 2023 |
| **Payment Convention:** | Following business day convention, unadjusted |
| **Business Days:** | New York, Toronto |

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___________________________

<sup>1</sup> A credit rating is not a recommendation to buy, sell or hold securities, and it may be subject to revision or withdrawal at any time by the assigning rating organization.

<sup>2</sup> Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle no later than two business days after the trade date, unless the parties to such trade expressly agree otherwise at the time of the trade. Accordingly, purchasers who wish to trade on any date more than two business days prior to delivery of the Notes will be required, by virtue of the fact that the Notes initially will settle in three business days (T+3), to specify alternative settlement arrangements to prevent a failed settlement.

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| | |
|:---|:---|
| **Day Count Fraction:** | 30/360 |
| **Listing:** |  |
| **Optional Redemption:** | The Issuer may redeem the notes at its option, in whole or in part, at any time and from time to time at a "make-whole" redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to, but excluding, the date of redemption, and (2) 100% of the principal amount of the notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. Notice of any redemption will be mailed (or otherwise transmitted in accordance with the depositary's procedures) not less than 30 days nor more than 60 days before the redemption date to each holder of notes to be redeemed.<br>"Treasury Rate" means, with respect to any redemption date, the yield determined by the Issuer in accordance with the following two paragraphs.<br>The Treasury Rate shall be determined by the Issuer after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the maturity date of the notes (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the maturity date of the notes on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. |

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| | |
|:---|:---|
|  | If on the third business day preceding the redemption date H.15 TCM is no longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the maturity date of the notes, as applicable. If there is no United States Treasury security maturing on the maturity date of the notes but there are two or more United States Treasury securities with a maturity date equally distant from the maturity date of the notes, one with a maturity date preceding the maturity date of the notes and one with a maturity date following the maturity date of the notes, the Issuer shall select the United States Treasury security with a maturity date preceding the maturity date of the notes. If there are two or more United States Treasury securities maturing on the maturity date of the notes or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. |
| **Canadian Bail-in Powers <br> Acknowledgment:** | The Notes are subject to bail-in conversion under the Canadian bail-in regime. |
| **CUSIP / ISIN:** | 78016FZX5 / US78016FZX58 |
| **Lead Managers and Joint Book <br> Runners:** | RBC Capital Markets, LLC<br> Citigroup Global Markets Inc.<br> J.P. Morgan Securities LLC<br> KeyBanc Capital Markets Inc.<br> Santander Investment Securities Inc.<br> SG Americas Securities, LLC |
| **Co-Managers:** | ANZ Securities, Inc.<br> BNY Mellon Capital Markets, LLC<br> Capital One Securities, Inc.<br> Commonwealth Bank of Australia<br> Desjardins Securities Inc.<br> Fifth Third Securities, Inc.<br> Huntington Securities, Inc.<br> M&T Securities, Inc.<br> MUFG Securities Americas Inc.<br> nabSecurities, LLC<br> National Bank of Canada Financial Inc.<br> Rabo Securities USA, Inc.<br> Regions Securities LLC<br> Scotia Capital (USA) Inc.<br> Truist Securities, Inc.<br> U.S. Bancorp Investments, Inc.<br> Westpac Banking Corporation<br> Academy Securities, Inc.<br> Blaylock Van, LLC<br> Roberts & Ryan Investments, Inc.<br> Samuel A. Ramirez & Company, Inc. |

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**Royal Bank of Canada (the "Issuer") has filed a registration statement (including a prospectus supplement and a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read those documents and the other documents that the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the lead managers will arrange to send you the pricing supplement, the prospectus supplement, and the prospectus if you request them by contacting RBC Capital Markets, LLC toll free at 1-866-375-6829, Citigroup Global Markets Inc. toll free at 1-800-831-9146, J.P. Morgan Securities LLC collect at 1-212-834-4533, KeyBanc Capital Markets Inc. toll free at 1-866-227-6479, Santander Investment Securities Inc. toll free at 1-855-403-3636 and SG Americas Securities, LLC collect at 1-855-881-2108.**