Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-275898
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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 May 15, 2024 To the Product Prospectus Supplement FIN-1, the Prospectus Supplement and the Prospectus, each dated December 20, 2023
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$_________
Redeemable Fixed Rate Notes,
Due May 30, 2031 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 (the “Bank”)
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Issue:
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Senior Global Medium-Term Notes, Series J
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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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May 28, 2024
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Issue Date:
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May 30, 2024
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Maturity Date:
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May 30, 2031
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Type of Note:
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Fixed Rate Note
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Interest Rate:
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5.30% per annum
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Interest Payment
Dates:
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Semi-annually, on May 30th and November 30th of each year, commencing on November 30, 2024, 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 April 16, 2026, 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 December 20, 2023 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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Redeemable Fixed Rate Notes
Royal Bank of Canada
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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 December 20, 2023).
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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 December 20, 2023, 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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