New Issue: RBC prices $4.52 million trigger absolute return step securities on MSCI index

By William Gullotti

Buffalo, N.Y., May 18 – Royal Bank of Canada priced $4.52 million of 0% trigger absolute return step securities due May 17, 2028 linked to the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of 47% and the index return.

Investors will gain 1% for each 1% decline if the index declines by 25% or less and will lose 1% for each 1% decline from its initial level if the index falls by more than 25%.

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

Issuer:	Royal Bank of Canada
Issue:	Trigger absolute return step securities
Underlying index:	MSCI Emerging Markets index
Amount:	$4,517,150
Maturity:	May 17, 2028
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is zero or positive, par plus greater of 47% and index return; if index declines by up to 25%, par plus absolute value of index return; otherwise, 1% loss for each 1% decline of index from initial level
Initial level:	977.48
Downside threshold:	733.11; 75% of initial level
Pricing date:	May 15
Settlement date:	May 17
Agents:	RBC Capital Markets, LLC and UBS Financial Services Inc.
Fees:	3.5%
Cusip:	78016M331

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