New Issue: RBC prices $14.7 million trigger step securities tied to S&P 500

By William Gullotti

Buffalo, N.Y., June 21 – Royal Bank of Canada priced $14.7 million of 0% trigger step securities due June 21, 2027 linked to the S&P 500 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 40.5% and the index return.

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

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

Issuer:	Royal Bank of Canada
Issue:	Trigger step securities
Underlying index:	S&P 500 index
Amount:	$14,704,100
Maturity:	June 21, 2027
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is zero or positive, par plus greater of 40.5% and index return; par if index declines by up to 25%; 1% loss for each 1% decline if index falls beyond 25%
Initial level:	3,789.99
Downside threshold:	2,842.49; 75% of initial level
Pricing date:	June 15
Settlement date:	June 21
Agents:	RBC Capital Markets, LLC and UBS Financial Services Inc.
Fees:	3.5%
Cusip:	78016D133

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