New Issue: RBC sells $890,000 barrier absolute return notes on iShares MSCI EM

By Marisa Wong

Morgantown, W.Va., Sept. 6 – Royal Bank of Canada priced $890,000 of 0% barrier absolute return notes due Aug. 30, 2019 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund finishes above the initial level, the payout at maturity will be par plus the gain.

If the fund finishes at or below the initial level but never closes below its 77.2% barrier level during the life of the notes, the payout will be par plus the absolute value of the return.

Otherwise, investors will lose 1% for each 1% decline.

RBC Capital Markets LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier absolute return notes
Underlying fund:	iShares MSCI Emerging Markets ETF
Amount:	$890,000
Maturity:	Aug. 30, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	If fund gains, par plus gain; if fund finishes flat or falls but never dips below barrier level, par plus absolute value of fund return; otherwise, 1% loss per 1% decline
Initial price:	$44.77
Barrier level:	$34.56, 77.2% of initial price
Pricing date:	Aug. 28
Settlement date:	Aug. 31
Agent:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78012K4W4

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