New Issue: RBC prices $2 million leveraged index-linked notes tied to Topix

By William Gullotti

Buffalo, N.Y., July 20 – Royal Bank of Canada priced $2 million of 0% leveraged index-linked notes due July 10, 2024 tied to the Topix index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above its initial level, the payout at maturity will be par plus 300% of the gain, subject to a maximum return of par plus 35.1%.

Investors will be fully exposed to any index decline.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Leveraged index-linked notes
Underlying index:	Topix index
Amount:	$2 million
Maturity:	July 10, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above initial level, par plus 300% of the gain, capped at par plus 35.1%; otherwise, 1% loss for every 1% decline from initial level
Initial index level:	2,277.08
Pricing date:	July 6
Settlement date:	July 13
Agent:	RBC Capital Markets, LLC
Fees:	1%
Cusip:	78016NKX4

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