New Issue: RBC prices $3.29 million trigger gears linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, Jan. 2 – Royal Bank of Canada priced $3.29 million of 0% trigger gears due Dec. 31, 2024 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 1.475 times the index return. Investors will receive par if the index declines by 25% or less and have one-to-one exposure to the index’s decline from its initial level if it declines by more than 25%.

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:	$3,288,530
Maturity:	Dec. 31, 2024
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is greater than zero, par plus 1.475 times index return; par if index declines by 25% or less; full exposure to index’s decline from initial level if index declines by more than 25%
Initial level:	3,239.91
Downside threshold:	2,429.93, or 75% of initial level
Pricing date:	Dec. 26
Settlement date:	Dec. 31
Agents:	UBS Financial Services Inc. and RBC Capital Markets, LLC
Fees:	0%
Cusip:	78014K139

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