New Issue: RBC prices $3.24 million capped gears on Energy Select Sector SPDR fund

By William Gullotti

Buffalo, N.Y., April 19 – Royal Bank of Canada priced $3.24 million of 0% capped gears due June 20, 2023 linked to the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus triple any fund gain, up to a maximum return of 34%.

Investors will be fully exposed to any fund decline.

RBC Capital Markets, LLC and UBS Financial Services Inc. are the agents.

Issuer:	Royal Bank of Canada
Issue:	Capped gears
Underlying fund:	Energy Select Sector SPDR fund
Amount:	$3,237,500
Maturity:	June 20, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus three times any fund gain, capped at par plus 34%; full exposure to losses
Initial level:	$79.85
Pricing date:	April 14
Settlement date:	April 21
Agents:	RBC Capital Markets, LLC and UBS Financial Services Inc.
Fees:	2%
Cusip:	78016C671

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