New Issue: RBC prices $4.06 million trigger securities linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, Jan. 5 – Royal Bank of Canada priced $4.06 million of 0% trigger securities due Dec. 31, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus any gain in the index.

If the index declines by up to the 73.9% trigger level, the payout will be par.

Investors will be fully exposed to any losses if the index falls below the 73.9% downside threshold.

RBC Capital Markets, LLC is the agent. UBS Financial Services Inc. is the distributor.

Issuer:	Royal Bank of Canada
Issue:	Trigger securities
Underlying index:	S&P 500
Amount:	$4,057,800
Maturity:	Dec. 31, 2025
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus any index gain; par if index declines, but not beyond downside threshold; full exposure to any losses if index falls below downside threshold
Initial level:	3,735.36
Downside threshold level:	2,760.43, 73.9% of initial level
Pricing date:	Dec. 28
Settlement date:	Dec. 31
Agent:	RBC Capital Markets, LLC
Distributor:	UBS Financial Services Inc.
Fees:	3.5%
Cusip:	78014M531

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