New Issue: RBC prices $1.98 million buffer absolute return notes linked to iShares MSCI EAFE

By Angela McDaniels

Tacoma, Wash., April 17 – Royal Bank of Canada priced $1.98 million of 0% buffer absolute return notes due April 18, 2023 linked to the iShares MSCI EAFE exchange-traded fund, according to an 424B2 filing with the Securities and Exchange Commission.

If the final share price is greater than the initial share price, the payout at maturity will be par plus 117% of the ETF return. If the final share price is less than or equal to the initial level but greater than or equal to the buffer level, 80% of the initial share price, the payout will be par plus the absolute value of the ETF’s return. Otherwise, investors will lose 1% for every 1% that the ETF declines beyond 20%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffer absolute return notes
Underlying ETF:	iShares MSCI EAFE
Amount:	$1.98 million
Maturity:	April 18, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If final share price is greater than initial share price, par plus 117% of ETF return; if final share price is less than or equal to initial level but greater than or equal to buffer level, par plus absolute value of ETF’s return; otherwise, 1% loss for every 1% that ETF declines beyond 20%
Initial share price:	$61.59
Buffer level:	$49.27, 80% of initial share price
Pricing date:	April 13
Settlement date:	April 19
Underwriter:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78012KJ40

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