New Issue: RBC prices $1 million market plus notes linked to Chevron

Chicago, May 3 – Royal Bank of Canada priced $1 million of 0% market plus notes due Sept. 21, 2022 linked to the common stock of Chevron Corp., according to a 424B2 filing with the Securities and Exchange Commission.

If the stock return is positive, the payout at maturity will be par plus the stock return. Investors will receive par if the stock declines by 20.1% or less and will be fully exposed to the stock’s decline from its initial share price if it declines by more than 20.1%.

RBC Capital Markets, LLC is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.

Issuer:	Royal Bank of Canada
Issue:	Market plus notes
Underlying stock:	Chevron Corp.
Amount:	$1,000,000
Maturity:	Sept. 21, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If stock return is positive, par plus stock return; par if stock declines by 20.1% or less; full exposure to stock’s decline from initial share price if it declines by more than 20.1%
Initial share price:	$107.64
Trigger level:	$86.00, 79.9% of initial share price
Pricing date:	March 17
Settlement date:	March 22
Underwriter:	RBC Capital Markets, LLC
Placement agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1.25%
Cusip:	78016EMU8

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