New Issue: RBC sells $805,000 barrier enhanced return notes tied to two SPDR funds

By Susanna Moon

Chicago, April 28 – Royal Bank of Canada priced $805,000 of 0% barrier enhanced return notes due April 29, 2021 linked to the lesser performing of the SPDR S&P Biotech exchange traded fund and the Health Care Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

If each fund finishes at or above its initial level, the payout at maturity will be par plus 188.5% of the gain of the worse performing fund.

Investors will receive par if each fund falls by no more than 40% and will be fully exposed to the losses of the worse performing fund if it finishes below the 60% barrier.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier enhanced return notes
Underlying funds:	SPDR S&P Biotech ETF, Health Care Select Sector SPDR fund
Amount:	$805,000
Maturity:	April 29, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If each fund gains, par plus 188.5% of return of worse performing fund; par if each fund falls by no more than 40%; otherwise, full expose to losses of worse performing fund if it falls by more than 40%
Initial levels:	$70.55 for biotech fund, $75.14 for health fund
Barrier levels:	$42.33 for biotech fund, $45.08 for health fund, 60% of initial levels
Pricing date:	April 26
Settlement date:	April 28
Agent:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78012KL54

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