New Issue: RBC prices $18.85 million capped gears on Energy Select Sector SPDR

By Wendy Van Sickle

Columbus, Ohio, Sept. 1 – Royal Bank of Canada priced $18.85 million of 0% capped gears due Oct. 31, 2022 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 32.25%.

Investors will lose 1% for each 1% 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:	$18,854,000
Maturity:	Oct. 31, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 3 times any fund gain, capped at par plus 32.25%; full exposure to losses
Initial level:	$48.03
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Agents:	RBC Capital Markets, LLC and UBS Financial Services Inc.
Fees:	2%
Cusip:	78014U459

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