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Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-259205
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The information in this preliminary pricing supplement is not complete and may be
changed.
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Preliminary Pricing Supplement
Subject to Completion:
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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$_________
Redeemable Fixed Rate Notes,
Due February 29, 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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August 25, 2022
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Issue Date:
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August 29, 2022
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Maturity Date:
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February 29, 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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4.00% per annum
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Interest Payment
Dates:
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Quarterly, on February 28 (February 29 in a leap year), May 29, August 29 and November 29, each year, commencing on November 29, 2022, and ending on 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 August 29, 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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Canadian Bail-in
Powers
Acknowledgment:
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The Notes are bail-inable notes. See “Agreement with Respect to the Exercise of Canadian Bail-in Powers.”
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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
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Redeemable Fixed Rate Notes
Royal Bank of Canada
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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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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, 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.
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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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Redeemable Fixed Rate Notes
Royal Bank of Canada
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