New Issue: RBC prices $1.35 million market-linked step-up notes on Energy Select Sector

By Wendy Van Sickle

Columbus, Ohio, Feb. 4 – Royal Bank of Canada priced $1.35million of 0% market-linked step-up notes due Jan. 27, 2023 linked to the Energy Select Sector index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index increases above the step-up value, 115% of the initial value, the payout at maturity will be par plus any gain in the index.

If the index is flat or increases up to the step-up value, the payout will be par plus a fixed return of 15%.

Investors will be exposed to any declines in the index.

BofA Securities, Inc. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Market-linked step-up notes
Underlying index:	Energy Select Sector
Amount:	$1,346,640
Maturity:	Jan. 27, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 15%; exposure to any decline
Initial level:	490.44
Step-up value:	426.47, 115% of initial level
Pricing date:	Jan. 27
Settlement date:	Feb. 1
Underwriter:	BofA Securities, Inc.
Fees:	2%
Cusip:	78014T718

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