New Issue: RBC prices $4.5 million capped buffered gears on S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, Nov. 7 – Royal Bank of Canada priced $4.5 million of 0% capped buffer gears due April 6, 2021 linked to the lesser-performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the lesser-performing index is greater than zero, the payout at maturity will be par of $10 plus 2.01 times its gain, subject to a maximum return of 60.3%. If the lesser-performing index finishes flat or falls by up to 14%, the payout will be par. Investors will be exposed to any losses of the lesser-performing index beyond 14%.

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

Issuer:	Royal Bank of Canada
Issue:	Capped buffer gears
Underlying indexes:	S&P 500, Russell 2000
Amount:	$4.5 million
Maturity:	April 6, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	Par of $10 plus 2.01 times any gain of lesser-performing index, subject to a maximum return of 60.3%; par if lesser-performing index falls by up to 14%; exposure to losses beyond 14%
Initial levels:	2,085.18 for S&P, 1,163.439 for Russell
Pricing date:	Nov. 4
Settlement date:	Nov. 9
Agents:	UBS Financial Services Inc. and RBC Capital Markets, LLC
Fees:	1%
Cusip:	78014C780

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