New Issue: RBC prices $5.12 million 10.4% barrier income notes linked to three ETFs

By William Gullotti

Buffalo, N.Y., July 19 – Royal Bank of Canada priced $5.12 million of 10.4% barrier income notes due May 30, 2025 linked to the performance of the SPDR S&P 500 ETF Trust, the Invesco QQQ Trust, Series 1 and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Coupon will be payable monthly.

Investors will receive par plus the final coupon if the least performing ETF finishes at or above its 85% barrier level.

Otherwise, investors will lose 1% for every 1% that the worst performing ETF declines from initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier income notes
Underlying funds:	iShares Russell 2000 ETF, Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust
Amount:	$5,115,000
Maturity:	May 30, 2025
Coupon:	10.4% per year, payable monthly
Price:	Par
Payout at maturity:	Par plus final coupon if each ETF finishes at or above barrier level; otherwise, full exposure to losses of worst performer
Initial levels:	$420.02 for SPDR, $348.40 for QQQ, $176.15 for iShares
Barrier levels:	$357.02 for SPDR, $296.14 for QQQ, $149.73 for iShares; 85% of initial levels
Strike date:	May 26
Pricing date:	May 30
Settlement date:	June 2
Agent:	RBC Capital Markets, LLC
Fees:	0.3%
Cusip:	78016NEA1

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