New Issue: RBC prices $3.38 million geared buffered reverse convertible notes on Russell

By Sarah Lizee

Olympia, Wash., April 21 – Royal Bank of Canada priced $3.38 million of 7.25% geared buffered reverse convertible notes due April 19, 2021 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the index falls by more than the 20% buffer, in which case investors will lose 1.25% for each 1% that the index falls beyond 20%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Geared buffered reverse convertible notes
Underlying index:	Russell 2000 index
Amount:	$3,375,000
Maturity:	April 19, 2021
Coupon:	7.25%, payable monthly
Price:	Par
Payout at maturity:	Par unless index falls by more than buffer, in which case 1.25% loss for each 1% that the index falls beyond buffer
Initial level:	1,237.333
Buffer level:	989.866, 80% of initial levels
Pricing date:	April 15
Settlement date:	April 20
Agent:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78015KNR1

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