New Issue: RBC prices $10.66 million market-linked step-up notes on S&P 500

By Marisa Wong

Morgantown, W.Va., May 2 – Royal Bank of Canada priced $10.66 million of 0% market-linked step-up notes due April 24, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange.

If the index finishes above the step-up level – 112.51% of the initial level – the payout at maturity will be par of $10 plus the index gain.

If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 12.51%.

Investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

Issuer:	Royal Bank of Canada
Issue:	Market-linked step-up notes
Underlying index:	S&P 500
Amount:	$10,655,860
Maturity:	April 24, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index finishes above the step-up level, par plus the index gain; if the index gains by up to the step-up level, par plus 12.51%; full exposure to any losses
Initial level:	2,666.94
Step-up level:	3,000.57, 112.51% of initial level
Pricing date:	April 26
Settlement date:	May 3
Agent:	BofA Merrill Lynch
Fees:	2%
Cusip:	78014F775

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