New Issue: RBC prices $11.76 million digital notes tied to Bank ETF

By Kiku Steinfeld

Chicago, May 19 – Royal Bank of Canada priced $11.76 million of 0% digital notes due Jan. 19, 2022 linked to the SPDR S&P Bank exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund finishes at or above its 80% threshold, the payout at maturity will be par plus $1,205 per each $1,000 principal amount of notes.

Otherwise, investors will lose 1.25% for each 1% decline beyond 20%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Digital notes
Underlying ETF:	SPDR S&P Bank ETF
Amount:	$11,760,000
Maturity:	Jan. 19, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If fund gains or falls by up to 20%, $1,205 per each $1,000 principal amount of notes otherwise, 1.25% loss for each 1% decline beyond 20%
Initial level:	$26.99
Threshold level:	80% of initial level
Pricing date:	May 14
Settlement date:	May 21
Underwriter:	RBC Capital Markets, LLC
Fees:	1.45%
Cusip:	78015KTE4

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