New Issue: RBC prices $2.3 million autocallable barrier notes on SPDR S&P Biotech ETF

By Wendy Van Sickle

Columbus, Ohio, Aug. 25 – Royal Bank of Canada priced $2.3 million of 0% autocallable barrier notes due Aug. 27, 2020 linked to the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Beginning Feb. 23, 2018, the notes will be called at par plus a 9.6% annualized premium if the ETF closes at or above its initial level on any quarterly observation date.

If the final level of the ETF is greater than or equal to its 70% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the ETF finishes below its initial level.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Autocallable barrier notes
Underlying ETF:	SPDR S&P Biotech ETF
Amount:	$2.3 million
Maturity:	Aug. 27, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If final level of ETF is greater than or equal to trigger level, par; otherwise, 1% loss for every 1% that ETF finishes below initial level
Call:	Beginning Feb. 23, 2018, notes will be called at par plus 9.6% annualized premium if ETF closes at or above initial level on any quarterly observation date
Initial level:	$76.97
Barrier level:	$53.88; 70% of initial level
Pricing date:	Aug. 23
Settlement date:	Aug. 28
Underwriter:	RBC Capital Markets, LLC
Fees:	3%
Cusip:	78012K5D5

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