New Issue: RBC sells $1.50 million buffered enhanced notes on real estate ETF

By Marisa Wong

Morgantown, W.Va., April 6 – Royal Bank of Canada priced $1,496,000 of 0% buffered enhanced return notes due March 31, 2020 linked to the iShares U.S. Real Estate exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 2 times any fund gain, up to a maximum return of 20%.

Investors will receive par if the fund falls by up to 23% and will lose 1% for each 1% decline beyond the 23% buffer.

RBC Capital Markets LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered enhanced return notes
Underlying ETF:	iShares U.S. Real Estate ETF
Amount:	$1,496,000
Maturity:	March 31, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF return is positive, par plus 200% of ETF return, subject to 20% maximum return; par if ETF declines by 23% or less; 1% loss for every 1% that ETF may decline beyond 23%
Initial share price:	$73.82
Buffer price:	$56.84, 77% of initial price
Pricing date:	March 26
Settlement date:	March 29
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78013XHJ0

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