New Issue: RBC prices $1.1 million autocallable review notes on airline stock basket

Chicago, Oct. 25 – Royal Bank of Canada priced $1.1 million of 0% autocallable review notes due Feb. 25, 2027 linked to an equal basket of four equity securities including Alaska Air Group, Inc., Delta Air Lines, Inc. Southwest Airlines Co. and United Airlines Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If the closing level of the basket is greater than its initial level on any of the annual call review dates, the notes will be called at par plus a 9.5% annualized premium.

If the notes are not called, investors will receive par if the basket closes above its 60% barrier level.

Otherwise, investors will be fully exposed to the decline of the basket.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Autocallable review notes
Underlying basket:	Alaska Air Group, Inc., Delta Air Lines, Inc. Southwest Airlines Co. and United Airlines Holdings, Inc., equally weighted
Amount:	$1,100,000
Maturity:	Feb. 25, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	If notes are not called, investors will receive par if basket closes above barrier level; otherwise, full exposure to losses of basket
Call:	At par plus 9.5% annual premium if basket closes above initial level on any annual review date including the maturity date
Initial prices:	$57.83 for Alaska, $41.89 for Delta, $45.62 for Southwest, $46.32 for United
Barrier level:	60% of initial level
Pricing date:	Feb. 22
Settlement date:	Feb. 25
Underwriter:	RBC Capital Markets, LLC
Fees:	4.25%
Cusip:	78016FEA8

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