New Issue: RBC prices $3.2 million buffered absolute return step securities linked to Stoxx

Chicago, Aug. 14 – Royal Bank of Canada priced $3.2 million of 0% buffered absolute return step securities due July 31, 2028 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout will be par plus the greater of either the return of the index or the step return of 48%.

If the index finishes flat or falls by up to 20%, the payout will be par plus the absolute value of the return.

Otherwise, investors will lose 1% for every 1% decline of the index beyond the buffer.

RBC Capital Markets, LLC is the agent. UBS Financial Services Inc. is distributing the notes.

Issuer:	Royal Bank of Canada
Issue:	Buffered absolute return step securities
Underlying index:	Euro Stoxx 50 index
Amount:	$3,200,000
Maturity:	July 31, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If the index finishes above its initial level, par plus greater of return of index or step return of 48%; if the index finishes flat or falls by up to buffer level, par plus the absolute value of the return of the index; otherwise, 1% loss for every 1% decline of the index beyond 20%
Initial level:	4,346.15
Buffer level:	3,476.92; 80% of initial level
Pricing date:	July 26
Settlement date:	July 31
Agents:	RBC Capital Markets, LLC and UBS Financial Services Inc.
Fees:	2.5%
Cusip:	78016M646

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