New Issue: RBC sells $15.22 million three-year trigger gears linked to S&P 500

By Marisa Wong

Morgantown, W.Va., Sept. 5 – Royal Bank of Canada priced $15.22 million of 0% trigger gears due Aug. 31, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is greater than zero, the payout at maturity will be par of $10 plus 1.24 times the index return.

Investors will receive par if the index declines by 20% or less and be fully exposed to the index’s decline from its initial level if it declines by more than 20%.

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

Issuer:	Royal Bank of Canada
Issue:	Trigger gears
Underlying index:	S&P 500
Amount:	$15,221,500
Maturity:	Aug. 31, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index return is greater than zero, par plus 1.24 times the gain; par if the index declines by 20% or less; full exposure to the index’s decline from its initial level if it declines by more than 20%
Initial level:	2,444.24
Downside threshold:	1,955.39, 80% of initial level
Pricing date:	Aug. 28
Settlement date:	Aug. 31
Agents:	UBS Financial Services Inc. and RBC Capital Markets, LLC
Fees:	None
Cusip:	78013F248

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