New Issue: RBC sells $1.16 million trigger step securities on iShares MSCI EAFE

By Marisa Wong

Morgantown, W.Va., July 9 – Royal Bank of Canada priced $1.16 million of 0% trigger step securities due June 30, 2022 linked to the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF return is zero or positive, the payout at maturity will be par of $10 plus the greater of the ETF return and the step return of 35.5%.

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

RBC Capital Markets, LLC is the underwriter with UBS Financial Services Inc. as placement agent.

Issuer:	Royal Bank of Canada
Issue:	Trigger step securities
Underlying ETF:	iShares MSCI EAFE ETF
Amount:	$1,156,750
Maturity:	June 30, 2022
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If ETF return is zero or positive, par plus greater of 35.5% and return; par if ETF declines by up to 25%; 1% loss for each 1% decline if ETF falls beyond 25%
Initial price:	$66.98
Downside threshold:	$50.24, 75% of initial price
Pricing date:	June 26
Settlement date:	June 29
Underwriter:	RBC Capital Markets, LLC with UBS Financial Services Inc. as placement agent
Fees:	None
Cusip:	78014G146

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