New Issue: RBC prices $3.94 million trigger step securities tied to Dow

By William Gullotti

Buffalo, N.Y., Aug. 31 – Royal Bank of Canada priced $3.94 million of 0% trigger step securities due Aug. 31, 2027 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of 36.5% and the index return.

Investors will receive par if the index declines by 25% or less and will lose 1% for each 1% decline from its initial level if the index falls more than 25%.

RBC Capital Markets, LLC and UBS Financial Services Inc. are the agents.

Issuer:	Royal Bank of Canada
Issue:	Trigger step securities
Underlying index:	Dow Jones industrial average
Amount:	$3,941,500
Maturity:	Aug. 31, 2027
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is zero or positive, par plus greater of 36.5% and index return; par if index declines by up to 25%; 1% loss for each 1% decline if index falls beyond 25%
Initial level:	32,283.4
Downside threshold:	24,212.55; 75% of initial level
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Agents:	RBC Capital Markets, LLC and UBS Financial Services Inc.
Fees:	3.5%
Cusip:	78016D463

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