New Issue: RBC sells $302,000 of leveraged buffered notes on iShares MSCI EM

By Wendy Van Sickle

Columbus, Ohio, Dec. 23 – Royal Bank of Canada priced $302,000 of 0% leveraged buffered notes due July 19, 2018 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 1.5 times any fund gain, up to a maximum settlement amount of $1,225 per $1,000 principal amount.

Investors will receive par if the fund falls by up to 15% and will lose 1.1765% for each 1% decline beyond 15%

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Leveraged buffered notes
Underlying ETF:	iShares MSCI Emerging Markets
Amount:	$302,000
Maturity:	July 19, 2018
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF return is positive, par plus 150% of the gain, subject to $1,225 maximum settlement amount; par if ETF falls by up to 15%; 1.1765% loss for every 1% decline in ETF beyond 15%
Initial level:	$34.49
Pricing date:	Dec. 21
Settlement date:	Dec. 29
Agents:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78012KXU6

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