New Issue: RBC sells $765,000 barrier enhanced return notes tied to two MSCI funds

Chicago, Dec. 20 – Royal Bank of Canada priced $765,000 of 0% barrier enhanced return notes due Nov. 29, 2024 linked to the lesser performing of the iShares MSCI EAFE exchange traded fund and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If each fund finishes at or above its initial level, the payout at maturity will be par plus 200% of the gain of the worse performing fund.

Investors will receive par if each fund falls by no more than 35% and will be fully exposed to the losses of the worse performing fund if it finishes below the 65% barrier.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier enhanced return notes
Underlying funds:	iShares MSCI EAFE exchange traded fund and the iShares MSCI Emerging Markets exchange-traded fund
Amount:	$765,000
Maturity:	Nov. 29, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If each fund gains, par plus 200% of return of worse performing fund; par if each fund falls by no more than 35%; otherwise, full expose to losses of worse performing fund if it falls by more than 35%
Initial levels:	$68.52 for EAFE fund, $43.30 for EM fund
Barrier levels:	$44.54 for EAFE fund, $28.15 for EM fund, 65% of initial levels
Pricing date:	Nov. 25
Settlement date:	Nov. 29
Agent:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78015KCU6

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