New Issue: RBC sells $3.55 million geared buffered return notes on iShares Core MSCI Emerging Markets

By Wendy Van Sickle

Columbus, Ohio, Oct. 8 – Royal Bank of Canada priced $3.55 million of 0% geared buffered return notes due Oct. 2, 2023 linked to the iShares Core MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF finishes at or above its initial level, the payout at maturity will be par plus 1.32 times the ETF gain.

If the ETF falls by up to 20%, the payout will be par.

Otherwise, investors will lose 1.25% for each 1% ETF decline beyond 20%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Geared buffered return notes
Underlying ETF:	iShares Core MSCI Emerging Markets
Amount:	$3,547,000
Maturity:	Oct. 2, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF gains, par plus 132% of return; if ETF falls by up to 20%, par; otherwise, 1.25% loss per 1% decline beyond 20%
Initial level:	$48.83
Barrier level:	$39.06, 80% of initial level
Pricing date:	Sept. 27
Settlement date:	Oct 2
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78015KDS0

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