New Issue: RBC prices $17.7 million capped notes tied to Dow

By Sarah Lizee

Olympia, Wash., July 7 – Royal Bank of Canada priced $17.7 million of 0% capped notes due June 27, 2025 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus the index return, capped at par plus 87.05%.

If the index falls by up to 20%, the payout will be par.

Otherwise, investors will lose 1% for every 1% decline beyond 20%.

BofA Securities, Inc. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Capped notes
Underlying index:	Dow Jones industrial average
Amount:	$17,698,350
Maturity:	June 27, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is positive, par plus the index return, capped at par plus 87.05%; if index falls by up to 20%, par; 1% loss for every 1% decline beyond 20%
Initial index level:	25,745.60
Buffer level:	20,596.48; 80% of initial level
Pricing date:	June 25
Settlement date:	July 2
Agent:	BofA Securities, Inc.
Fees:	2.5%
Cusip:	78014F130

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