New Issue: RBC prices $3.25 million trigger step performance notes tied to S&P 500

By Susanna Moon

Chicago, Dec. 30 – Royal Bank of Canada priced $3.25 million of 0% trigger step performance securities due Dec. 31, 2019 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par plus the greater of the gain and the step return of 31.5%.

If the index falls by up to the 75% trigger level, the payout will be par.

Otherwise, investors will be fully exposed to any losses.

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

Issuer:	Royal Bank of Canada
Issue:	Trigger step performance securities
Underlying index:	S&P 500 index
Amount:	$810,000
Maturity:	Dec. 31, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus greater of the gain and 31.5%; par if index falls by up to 25%; full exposure to any losses if index falls below trigger level
Initial level:	2,056.50
Trigger level:	1,542.38, 75% of initial price
Pricing date:	Dec. 28
Settlement date:	Dec. 31
Agents:	RBC Capital Markets, LLC and UBS Financial Services Inc.
Fees:	0.5%
Cusip:	78013C328

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