New Issue: RBC prices $486,000 barrier enhanced return notes linked to two ETFs

By Sarah Lizee

Olympia, Wash., Feb. 5 – Royal Bank of Canada priced $486,000 of 0% barrier enhanced return notes due Jan. 31, 2025 linked to the lesser performing of the iShares MSCI EAFE ETF and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the lesser-performing fund’s return is positive, the payout at maturity will be par plus 200% of its return. Investors will receive par if the lesser-performing ETF falls by up to the barrier percentage, 65%, and will be fully exposed to its decline if it falls by more than 35%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Barrier enhanced return notes
Underlying ETFs:	iShares MSCI EAFE ETF and iShares MSCI Emerging Markets ETF
Amount:	$486,000
Maturity:	Jan. 31, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any gain of lesser-performing ETF; par if laggard ETF declines by up to 35%; full exposure to loss if laggard ETF falls by more than 35%
Initial index levels:	$68.69 for EAFE and $43.42 for Emerging Markets
Barrier levels:	$44.65 for EAFE and $28.22 for Emerging Markets, 65% of initial levels
Pricing date:	Jan. 28
Settlement date:	Jan. 31
Underwriter:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78015KLS1

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