New Issue: RBC prices $3.6 million capped buffer gears tied to iShares MSCI EM

By Susanna Moon

Chicago, May 11 – HSBC USA Inc. priced $3.6 million of 0% capped gears due May 29, 2020 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus double any fund gain, up to a maximum return of 21%.

Investors will receive par if the index falls by up to 10% and will be exposed to any losses beyond the buffer.

UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.

Issuer:	Royal Bank of Canada
Issue:	Capped buffer gears
Underlying fund:	iShares MSCI Emerging Markets ETF
Amount:	$3,598,550
Maturity:	May 29, 2020
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus 2 times any index gain, capped at 21%; par if index falls by up to 10%; exposure to any losses beyond 10%
Initial level:	$46.43
Pricing date:	May 25
Settlement date:	May 31
Agents:	UBS Financial Services Inc. and RBC Capital Markets, LLC
Fees:	2%
Cusip:	78013Q731

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