RBC to price direct investment notes linked to RBC Top Picks List

By Marisa Wong

Morgantown, W.Va., July 19 – Royal Bank of Canada plans to price direct investment notes due Aug. 2, 2017 linked to the July 2016 RBC Capital Markets U.S. Equity Top Picks List, according to an FWP filing with the Securities and Exchange Commission.

The list includes equal weights of Air Lease Corp., Amphenol Corp., Aramark, Broadcom Ltd., Brookdale Senior Living Inc., Cerner Corp., Discover Financial Services, Dollar Tree, Inc., Dow Chemical Co., Louisiana-Pacific Corp., Marathon Petroleum Corp., Microsemi Corp., Newell Rubbermaid Inc., PNC Financial Services Group. Inc., Raytheon Co., Regency Centers Corp., ServiceNow, Inc., Voya Financial, Inc., Whirlpool Corp. and Yum! Brands, Inc.

A top pick represents an RBC analyst’s best idea in the sector, which is expected to provide significant absolute total return over 12 months with a favorable risk-reward ratio.

Interest will be payable quarterly. The amount of each interest payment, if any, will depend on the amount of dividends paid on each basket stock during the preceding quarter and will equal, for each $1,000 in principal amount, 97.75% of the sum of the dividend amounts for each of the basket stocks.

For each $1,000 principal amount of notes, the payout at maturity will be the product of $977.50 and the percentage amount.

The percentage amount will equal an amount, expressed as a percentage, equal to (a) 100% plus (b) the sum of the weighted returns for the basket stocks.

RBC Capital Markets, LLC is the underwriter.

The notes will price July 21.

The Cusip number is 78012KQL4.

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