New Issue: RBC prices $646,000 leveraged buffered notes linked to iShares MSCI EM

By Toni Weeks

San Luis Obispo, Calif., Jan. 22 - Royal Bank of Canada priced $646,000 of 0% leveraged buffered notes due Feb. 23, 2016 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF return is positive, the payout at maturity will be par plus 150% of the ETF return, subject to a maximum payout of $1,221.25 per $1,000 principal amount. Investors will receive par if the ETF declines by 15% or less and will lose 1.1765% for every 1% that it declines beyond 15%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Leveraged buffered notes
Underlying fund:	iShares MSCI Emerging Markets exchange-traded fund
Amount:	$646,000
Maturity:	Feb. 23, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any fund gain, capped at 22.125%; par if fund falls by up to 15%; if return is below negative 15%, about 1.1765% loss for every 1% decline beyond 15%
Initial price:	$39.79
Pricing date:	Jan. 17
Settlement date:	Jan. 27
Agent:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78010UPA9

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