New Issue: RBC prices $3.09 million capped gears on iShares MSCI Emerging Markets

By Wendy Van Sickle

Columbus, Ohio, Feb. 1 – Royal Bank of Canada priced $3.09 million of 0% capped gears due March 29, 2018 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus triple any ETF gain, up to a maximum return of 17.55%.

Investors will be fully exposed to any ETF decline.

UBS Financial Services Inc. and UBS Investment Bank are the agents.

Issuer:	Royal Bank of Canada
Issue:	Capped gears
Underlying ETF:	iShares MSCI Emerging Markets
Amount:	$3,086,000
Maturity:	March 29, 2018
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 3 times any ETF gain, capped at 17.55%; full exposure to any losses
Initial level:	$37.44
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Agents:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	2%
Cusip:	78014E265

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