New Issue: RBC prices $6.72 million trigger autocallable notes on S&P 500

By Kiku Steinfeld

Chicago, Jan. 19 – Royal Bank of Canada priced $6.72 million of trigger autocallable notes due Jan. 12, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par of $10 plus a call return of 7.5% annually if the index closes at or above its initial level on any quarterly observation date after six months.

If the notes are not called and the final level is greater than or equal to the downside threshold level, 75% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final level is less than the initial level.

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

Issuer:	Royal Bank of Canada
Issue:	Trigger autocallable notes
Underlying index:	S&P 500 index
Amount:	$6,723,830
Maturity:	Jan. 12, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par unless index finishes below downside threshold, in which case 1% loss for each 1% decline from initial level
Call:	Automatically at par plus 7.5% annually if index closes at or above initial level on any quarterly observation date after six months
Initial level:	3,824.68
Coupon barrier:	2,868.51, 75% of initial level
Downside threshold:	2,868.51, 75% of initial level
Pricing date:	Jan. 8
Settlement date:	Jan. 13
Agents:	UBS Financial Services Inc. and RBC Capital Markets, LLC
Fees:	1.5%
Cusip:	78014M580

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