By Wendy Van Sickle
Columbus, Ohio, Jan. 31 – Royal Bank of Canada priced $5.84 million of 0% capped trigger gears due Jan. 31, 2020 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The payout at maturity will be par of $10 plus double any ETF gain, up to a maximum return of 40%.
Investors will receive par if the ETF falls by up to 25% and will be fully exposed to any losses if the ETF finishes below the 75% downside threshold level.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
Issuer: | Royal Bank of Canada
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Issue: | Capped trigger gears
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Underlying ETF: | iShares MSCI Emerging Markets
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Amount: | $5,841,600
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Maturity: | Jan. 31, 2020
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 2 times any ETF gain, capped at 40%; par if ETF falls by up to 25% and full exposure to any losses if ETF finishes below downside threshold
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Initial level: | $37.44
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Downside threshold: | $28.08, 75% of initial price
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agents: | UBS Financial Services Inc. and RBC Capital Markets, LLC
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Fees: | 2.5%
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Cusip: | 78014E257
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