New Issue: RBC prices $12.08 million PLUS linked to Financial Select Sector SPDR

By Wendy Van Sickle

Columbus, Ohio, Jan. 6 – Royal Bank of Canada priced $12.08 million of 0% Performance Leveraged Upside Securities due April 5, 2022 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund return is positive, the payout at maturity will be par of $10 plus 300% of the fund return, subject to a maximum return of 18.9%. If the fund return is negative, investors will be exposed to the decline.

RBC Capital Markets, LLC is the agent. Distribution is through Morgan Stanley Wealth Management.

Issuer:	Royal Bank of Canada
Issue:	Performance Leveraged Upside Securities
Underlying fund:	Financial Select Sector SPDR
Amount:	$12,076,250
Maturity:	April 5, 2022
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If fund return is positive, par plus 300% of fund return, subject to 18.9% maximum return; if fund return is negative, exposure to decline
Initial level:	$29.12
Pricing date:	Dec. 30
Settlement date:	Jan. 5
Agent:	RBC Capital Markets, LLC
Distribution:	Morgan Stanley Wealth Management
Fees:	2.25%
Cusip:	78014M507

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