New Issue: RBC sells $7.73 million trigger step notes linked to Hang Seng China

By Marisa Wong

Morgantown, W.Va., Nov. 6 – Royal Bank of Canada priced $7.73 million of 0% trigger step securities due Oct. 29, 2021 linked to the Hang Seng China Enterprises index, 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 be fully exposed to the index’s decline from its initial level if it declines beyond 25%.

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

Issuer:	Royal Bank of Canada
Issue:	Trigger step securities
Underlying index:	Hang Seng China Enterprises
Amount:	$7,726,150
Maturity:	Oct. 29, 2021
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 25% or less; full exposure to decline from initial level if index declines beyond 25%
Initial level:	11,643.57
Downside threshold:	8,732.68, 75% of initial level
Pricing date:	Oct. 27
Settlement date:	Oct. 31
Agents:	UBS Financial Services Inc. and RBC Capital Markets LLC
Fees:	3%
Cusip:	78013F438

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