Obligation Canadian Imperial Bank 0% ( US78015KKB97 ) en USD

Société émettrice Canadian Imperial Bank
Prix sur le marché 100 %  ▼ 
Pays  Canada
Code ISIN  US78015KKB97 ( en USD )
Coupon 0%
Echéance 08/07/2021 - Obligation échue



Prospectus brochure de l'obligation Royal Bank of Canada US78015KKB97 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 2 930 000 USD
Cusip 78015KKB9
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée La Banque Royale du Canada (RBC) est une institution financière multinationale canadienne offrant une large gamme de services financiers, incluant les services bancaires aux particuliers et aux entreprises, la gestion de patrimoine, les marchés des capitaux et l'assurance.

Cet instrument financier, une obligation émise par la Royal Bank of Canada, l'une des principales institutions financières diversifiées du Canada opérant à l'échelle mondiale, était identifié par l'ISIN US78015KKB97 et le code CUSIP 78015KKB9; libellée en dollars américains (USD) et émise depuis le Canada, cette obligation présentait une taille totale d'émission de 2 930 000 unités, avec une taille minimale d'acquisition fixée à 1 000 unités, et était caractérisée par un taux d'intérêt de 0 et une fréquence de paiement de 2, affichant un prix de marché de 100% au moment de son remboursement, étant parvenue à maturité le 8 juillet 2021 et ayant été intégralement remboursée à cette date.







424B2 1 form424b2.htm SPBELN348 (78015KKB9)
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 2 7 0 0 1
Pricing Supplement SPBELN 348-C to the Prospectus dated September 7, 2018, the Series H Prospectus Supplement dated September 7, 2018, and the Product Prospectus Supplement PB-1 dated September
20, 2018
Roya l Ba nk of Ca na da

$2,930,000
Leveraged Buffered Basket-Linked Notes, due July 8, 2021
T he not e s w ill not be a r int e re st . The amount that you will be paid on your notes on the stated maturity date (July 8, 2021, subject to adjustment) is based on the performance of a weighted basket
comprised of the EURO STOXX 50® Index (36% weighting), the TOPIX® (27% weighting), the FTSE® 100 Index (19% weighting), the Swiss Market Index (10% weighting) and the S&P®/ASX 200 Index (8%
weighting) as measured from the trade date (January 30, 2020) to and including the determination date (July 6, 2021, subject to adjustment). The initial basket level is 100, and the final basket level will equal the
sum of the products, as calculated for each basket underlier, of (i) the final index level for such basket underlier divided by (ii) the initial index level for such basket underlier (3,690.78 with respect to the EURO
STOXX 50® Index, 1,674.77 with respect to the TOPIX®, 7,381.96 with respect to the FTSE® 100 Index, 10,748.92 with respect to the Swiss Market Index and 7,008.429 with respect to the S&P®/ASX 200 Index)
multiplied by (iii) the applicable initial weighted value for such basket underlier. If the final basket level on the determination date is greater than the initial basket level, the return on your notes will be positive,
subject to the maximum settlement amount ($1,212.00 for each $1,000 principal amount of the notes). If the final basket level declines by up to 15.00% from the initial basket level, you will receive the face amount
of the notes. I f t he fina l ba sk e t le ve l de c line s by m ore t ha n 1 5 .0 0 % from t he init ia l ba sk e t le ve l, t he re t urn on your not e s w ill be ne ga t ive . Y ou c ould lose your e nt ire
inve st m e nt in t he not e s.
To determine your payment at maturity, we will calculate the basket return, which is the percentage increase or decrease in the final basket level from the initial basket level. On the stated maturity date, for each
$1,000 principal amount of your notes, you will receive an amount in cash equal to:
·
if the basket return is positive (the final basket level is greater than the initial basket level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the upside participation rate of 160% times (c) the
basket return, subject to the maximum settlement amount; or
·
if the basket return is zero or negative but not below -15.00% (the final basket level is equal to or less than the initial basket level but not by more than 15.00%), $1,000; or
·
if the basket return is negative and is below -15.00% (the final basket level is less than the initial basket level by more than 15.00%), the sum of (i) $1,000 plus (ii) the product of (a) 100/85.00 (which is
approximately 1.1765) times (b) the sum of the basket return plus 15.00% times (c) $1,000. T his a m ount w ill be le ss t ha n $ 1 ,0 0 0 .
Our initial estimated value of the notes as of the date of this pricing supplement is $995.73 per $1,000 in principal amount, which is less than the original issue price. The actual value of the notes at any time will
reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We describe our determination of the initial estimated value in more detail below.
De c line s in one ba sk e t unde rlie r m a y offse t inc re a se s in t he ot he r ba sk e t unde rlie rs. Due t o t he une qua l w e ight ing of e a c h ba sk e t unde rlie r, t he pe rform a nc e s of t he
EU RO ST OX X 5 0 ® I nde x a nd t he T OPI X ® w ill ha ve a signific a nt ly la rge r im pa c t on your re t urn on t he not e s t ha n t he pe rform a nc e of t he FT SE ® 1 0 0 I nde x , t he Sw iss
M a rk e t I nde x or t he S& P ®/ASX 2 0 0 I nde x . Y our inve st m e nt in t he not e s involve s c e rt a in a ddit iona l risk s, inc luding, a m ong ot he r t hings, our c re dit risk . Se e t he se c t ion
"Addit iona l Risk Fa c t ors Spe c ific t o Y our N ot e s" be ginning on pa ge PS -1 0 of t his pric ing supple m e nt .
The foregoing is only a brief summary of the terms of your notes. You should read the additional disclosure provided in this pricing supplement so that you may better understand the terms and risks of your
investment.
Origina l issue da t e :
February 6, 2020
Origina l issue pric e :
100.00% of the principal amount
U nde rw rit ing disc ount :
0.00% of the principal amount
N e t proc e e ds t o t he issue r:
100.00% of the principal amount
See "Supplemental Plan of Distribution (Conflicts of Interest)" on page PS-35 of this pricing supplement.
The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to sell additional notes after the date of this pricing supplement, at issue prices and with
underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in the notes will depend in part on the issue price you pay for
such notes.
N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r re gula t ory body ha s a pprove d or disa pprove d of t he not e s or pa sse d upon t he a c c ura c y or a de qua c y of
t his pric ing supple m e nt , t he a c c om pa nying produc t prospe c t us supple m e nt , t he a c c om pa nying prospe c t us supple m e nt or t he a c c om pa nying prospe c t us. Any
re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse . T he not e s w ill not c onst it ut e de posit s t ha t a re insure d by t he Ca na da De posit I nsura nc e Corpora t ion, t he U .S. Fe de ra l
De posit I nsura nc e Corpora t ion or a ny ot he r Ca na dia n or U .S. gove rnm e nt a l a ge nc y or inst rum e nt a lit y. T he not e s a re not subje c t t o c onve rsion int o our c om m on sha re s
unde r subse c t ion 3 9 .2 (2 .3 ) of t he Ca na da De posit I nsura nc e Corpora t ion Ac t .
RBC Ca pit a l M a rk e t s, LLC
Pricing Supplement dated January 30, 2020.
SU M M ARY I N FORM AT I ON


We refer to the notes we are offering by this pricing supplement as the "offered notes" or the "notes." Each of the offered notes, including your notes, has the terms described below. Please note that in this
pricing supplement, references to "Royal Bank of Canada," "we," "our" and "us" mean only Royal Bank of Canada and all references to "$" or "dollar" are to United States dollars. Also, references to the
"accompanying prospectus" mean the accompanying prospectus, dated September 7, 2018, as supplemented by the accompanying prospectus supplement, dated September 7, 2018, of Royal Bank of
Canada relating to the Senior Medium-Term Notes, Series H program of Royal Bank of Canada and references to the "accompanying product prospectus supplement PB-1" mean the accompanying product
prospectus supplement PB-1, dated September 20, 2018, of Royal Bank of Canada.
This section is meant as a summary and should be read in conjunction with the section entitled "General Terms of the Notes" beginning on page PS-4 of the accompanying product prospectus supplement
PB-1. Please note that certain features described in the accompanying product prospectus supplement PB-1 are not applicable to the notes. This pricing supplement supersedes any conflicting provisions
of the accompanying product prospectus supplement PB-1.
K e y T e rm s
I ssue r: Royal Bank of Canada
Ba sk e t unde rlie rs: the EURO STOXX 50® Index (Bloomberg symbol, "SX5E Index"), as published by STOXX Limited ("STOXX"); the TOPIX® (Bloomberg symbol, "TPX Index"), as maintained by the Tokyo
Stock Exchange, Inc. ("TSE"); the FTSE® 100 Index (Bloomberg symbol, "UKX Index"), as published by FTSE Russell ("FTSE"); the Swiss Market Index (Bloomberg symbol, "SMI Index"), as published by SIX
Group Ltd. ("SIX Group"); and the S&P®/ASX 200 Index (Bloomberg symbol, "AS51 Index"), as published by S&P Dow Jones Indices LLC ("S&P"). See "The Basket and the Basket Underliers" on page PS-17
Spe c ifie d c urre nc y: U.S. dollars ("$")
De nom ina t ions: $1,000 and integral multiples of $1,000 in excess of $1,000. The notes may only be transferred in amounts of $1,000 and increments of $1,000 thereafter
Princ ipa l a m ount : each note will have a principal amount of $1,000; $2,930,000 in the aggregate for all the offered notes; the aggregate principal amount of the offered notes may be increased if the issuer,
at its sole option, decides to sell an additional amount of the offered notes on a date subsequent to the date of this pricing supplement
Purc ha se a t a m ount ot he r t ha n princ ipa l a m ount : the amount we will pay you at the stated maturity date for your notes will not be adjusted based on the issue price you pay for your notes, so if you
acquire notes at a premium (or discount) to principal amount and hold them to the stated maturity date, it could affect your investment in a number of ways. The return on your investment in such notes will be
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lower (or higher) than it would have been had you purchased the notes at a price equal to the principal amount. Also, the buffer level would not offer the same measure of protection to your investment as would
be the case if you had purchased the notes at the principal amount. Additionally, the cap level would be triggered at a lower (or higher) percentage return than indicated below, relative to your initial investment.
See "If the Original Issue Price for Your Notes Represents a Premium to the Principal Amount, the Return on Your Notes Will Be Lower Than the Return on Notes for Which the Original Issue Price Is Equal to
the Principal Amount or Represents a Discount to the Principal Amount" on page PS-15 of this pricing supplement
Ca sh se t t le m e nt a m ount (on t he st a t e d m a t urit y da t e ): for each $1,000 principal amount of your notes, we will pay you on the stated maturity date an amount in cash equal to:
·
if the final basket level is greater than or equal to the cap level, the maximum settlement amount;
·
if the final basket level is greater than the initial basket level but less than the cap level, the sum of (1) $1,000 plus (2) the product of (i) $1,000 times (ii) the upside participation rate times (iii) the basket
return;
·
if the final basket level is equal to or less than the initial basket level but greater than or equal to the buffer level, $1,000; or
·
if the final basket level is less than the buffer level, the sum of (1) $1,000 plus (2) the product of (i) the buffer rate times (ii) the sum of the basket return plus the buffer amount times (iii) $1,000. I n t his
c a se , t he c a sh se t t le m e nt a m ount w ill be le ss t ha n t he princ ipa l a m ount of t he not e s, a nd you w ill lose som e or a ll of t he princ ipa l a m ount .
I nit ia l ba sk e t le ve l: 100.00
I nit ia l w e ight e d va lue : the initial weighted value for each of the basket underliers equals the product of the initial weight of such basket underlier times the initial basket level. The initial weight of each
basket underlier is shown in the table below:
Ba sk e t U nde rlie r
I nit ia l We ight in Ba sk e t
I nit ia l I nde x Le ve l
EURO STOXX 50® Index
36.00%
3,690.78
TOPIX®
27.00%
1,674.77
FTSE® 100 Index
19.00%
7,381.96
Swiss Market Index
10.00%
10,748.92
S&P®/ASX 200 Index
8.00%
7,008.429
I nit ia l inde x le ve l: the initial index level of each basket underlier is shown in the table above
Fina l inde x le ve l: the closing level of each basket underlier on the determination date, except in the limited circumstances described under "-- Determination date" and "-- Consequences of a market
disruption event or a non-trading day" below
PS-2
and subject to adjustment as provided under "General Terms of the Notes -- Unavailability of the Level of the Underlier" on page PS-6 of the accompanying product prospectus supplement PB-1
Fina l ba sk e t le ve l: the sum of the following: (1) the final index level of the EURO STOXX 50® Index divided by the initial index level of the EURO STOXX 50® Index, multiplied by the initial weighted value of
the EURO STOXX 50® Index plus (2) the final index level of the TOPIX® divided by the initial index level of the TOPIX®, multiplied by the initial weighted value of the TOPIX® plus (3) the final index level of the
FTSE® 100 Index divided by the initial index level of the FTSE® 100 Index, multiplied by the initial weighted value of the FTSE® 100 Index plus (4) the final index level of the Swiss Market Index divided by the
initial index level of the Swiss Market Index, multiplied by the initial weighted value of the Swiss Market Index plus (5) the final index level of the S&P®/ASX 200 Index divided by the initial index level of the
S&P®/ASX 200 Index, multiplied by the initial weighted value of the S&P®/ASX 200 Index
Ba sk e t re t urn: the quotient of (1) the final basket level minus the initial basket level divided by (2) the initial basket level, expressed as a percentage
U pside pa rt ic ipa t ion ra t e : 160%
Ca p le ve l: 113.25% of the initial basket level
M a x im um se t t le m e nt a m ount : $1,212.00 for each $1,000 principal amount of the notes
Buffe r le ve l: 85.00% of the initial basket level (equal to a basket return of -15.00%)
Buffe r a m ount : 15.00%
Buffe r ra t e : the quotient of the initial basket level divided by the buffer level, which equals approximately 117.65%
T ra de da t e : January 30, 2020
Origina l issue da t e (se t t le m e nt da t e ): February 6, 2020
De t e rm ina t ion da t e : July 6, 2021, provided that, if the calculation agent determines that a market disruption event with respect to a basket underlier occurs or is continuing on such day or such day is not a
trading day with respect to a basket underlier, the determination date will be the first following trading day on which the calculation agent determines that, on or subsequent to such originally scheduled
determination date, each basket underlier has had at least one trading day on which no market disruption event has occurred or is continuing and the closing level of each of the basket underliers will be
determined on or prior to the postponed determination date as set forth under "-- Consequences of a market disruption event or a non-trading day" below. (In such case, the determination date may differ from
the dates on which the levels of one or more basket underliers are determined for the purpose of the calculations to be performed on the determination date.) However, the determination date will not be
postponed to a date later than the originally scheduled stated maturity date or, if the originally scheduled stated maturity date is not a business day, later than the first business day after the originally scheduled
stated maturity date. On such last possible determination date, if a market disruption event occurs or is continuing with respect to a basket underlier that has not yet had such a trading day on which no market
disruption event has occurred or is continuing or if such last possible day is not a trading day with respect to such basket underlier, that day will nevertheless be the determination date
St a t e d m a t urit y da t e : July 8, 2021, unless that date is not a business day, in which case the stated maturity date will be postponed to the next following business day. The stated maturity date will also be
postponed if determination date is postponed as described under "-- Determination date" above. In such a case, the stated maturity date will be postponed by the same number of business day(s) from but
excluding the originally scheduled determination date to and including the actual determination date
Conse que nc e s of a m a rk e t disrupt ion e ve nt or a non -t ra ding da y: if a market disruption event with respect to any basket underlier occurs or is continuing on a day that would otherwise be the
determination date, or such day is not a trading day, then the determination date will be postponed as described under "-- Determination date" above. As a result of any of the foregoing, the stated maturity date
may also be postponed, as described under " -- Stated maturity date" above. If the determination date is postponed due to a market disruption event or non-trading day with respect to one or more of the basket
underliers, the basket closing level for the postponed determination date will be calculated based on (i) the closing level of each of the basket underliers that is not affected by the market disruption event or non-
trading day, if any, on the originally scheduled determination date with respect to each such basket underlier, if any, (ii) the closing level of each of the basket underliers that is affected by the market disruption
event or non-trading day on the first trading day following the originally scheduled determination date on which no market disruption event exists for that basket underlier, and (iii) the calculation agent's
assessment, in its sole discretion, of the closing level of each basket underlier on the last possible postponed determination date with respect to each basket underlier as to which a market disruption event or
non-trading day continues through the last possible postponed determination date. As a result, this could result in the closing level of differing basket underliers being determined on different calendar dates. For
the avoidance of doubt, once the closing level for one or more basket underliers is determined for a determination date, the occurrence of a later market disruption event or non-trading day will not alter such
calculation
N o int e re st : the offered notes will not bear interest
N o list ing: the offered notes will not be listed on any securities exchange or interdealer quotation system
N o re de m pt ion: the notes are not subject to redemption prior to maturity
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PS-3
Closing le ve l: the official closing level of the applicable basket underlier or any successor basket underlier published by the applicable basket underlier sponsor on such trading day for that basket underlier
Busine ss da y: as described under "General Terms of the Notes -- Special Calculation Provisions -- Business Day" on page PS-11 of the accompanying product prospectus supplement PB-1
U se of proc e e ds a nd he dging: as described under "Use of Proceeds and Hedging" on page PS-13 of the accompanying product prospectus supplement PB-1
ERI SA: as described under "Employee Retirement Income Security Act" on page PS-20 of the accompanying product prospectus supplement PB-1
Ca lc ula t ion a ge nt : RBC Capital Markets, LLC ("RBCCM")
De a le r: RBCCM
M a rk e t disrupt ion e ve nt s: as to each basket underlier, the term "market disruption event" is defined in the section of the product supplement entitled "General Terms of the Notes -- Market Disruption
Events," and the consequences of a market disruption event (and non-trading day) are described under "--Determination date," "--Stated maturity date" and "Consequences of a market disruption event or a
non-trading day" above. For the avoidance of doubt, a market disruption event (or non-trading day) as to any basket underlier on the determination date will only result in a postponement of the determination
date as to the relevant basket underlier(s), and not as to any basket underlier that is not so affected
T ra ding da y: as to each basket underlier, the term "trading day" is defined in the section of the product supplement entitled "General Terms of the Notes--Special Calculation Provisions--Trading Day--
Indices"
U .S. t a x t re a t m e nt : by purchasing a note, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to treat the note as a pre-paid cash-
settled derivative contract for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in the notes are uncertain and the Internal Revenue Service could assert
that the notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the discussion in the accompanying prospectus under "Tax Consequences," the discussion
in the accompanying prospectus supplement under "Certain Income Tax Consequences," and the discussion (including the opinion of our counsel Morrison & Foerster LLP) in the accompanying product
prospectus supplement PB-1 under "Supplemental Discussion of U.S. Federal Income Tax Consequences," and the discussion below under "Supplemental Discussion of U.S. Federal Income Tax
Consequences," which apply to the notes
Ca na dia n t a x t re a t m e nt : for a discussion of certain Canadian federal income tax consequences of investing in the notes, please see the section entitled "Tax Consequences ­ Canadian Taxation" in the
accompanying prospectus
CU SI P no.: 78015KKB9
I SI N no.: US78015KKB97
FDI C: the notes will not constitute deposits that are insured by the Federal Deposit Insurance Corporation, the Canada Deposit Insurance Corporation or any other Canadian or U.S. governmental agency
I nde nt ure : the notes will be issued under our senior debt indenture, as amended and supplemented through September 7, 2018, which is described in the accompanying prospectus. Please see the section
"Description of Debt Securities" beginning on page 4 of the prospectus for a description of the senior debt indenture, including the limited circumstances that would constitute an event of default under the notes
that we are offering
PS-4
H Y POT H ET I CAL EX AM PLES
The following table and chart are provided for purposes of illustration only. They should not be taken as an indication or prediction of future investment results and are intended merely to illustrate the impact that
various hypothetical final basket levels on the determination date could have on the cash settlement amount at maturity, assuming all other variables remain constant.
The examples below are based on a range of final basket levels that are entirely hypothetical. No one can predict what the basket level will be on any day during the term of your notes, and no one can predict
what the final basket level will be. The basket underliers have been highly volatile in the past--meaning that the level of each basket underlier has changed considerably in relatively short periods--and its
performance cannot be predicted for any future period.
The information in the following examples reflects hypothetical rates of return on the notes assuming that they are purchased on the original issue date with a $1,000 principal amount and are held to maturity. If
you sell your notes in any secondary market prior to maturity, your return will depend upon the market value of your notes at the time of sale, which may be affected by a number of factors that are not reflected in
the table below, such as interest rates and the volatility of the basket underliers. In addition, assuming no changes in market conditions or our creditworthiness and any other relevant factors, the value of your
notes on the trade date (as determined by reference to pricing models used by RBCCM and taking into account our credit spreads) is, and the price you may receive for your notes may be, significantly less than
the principal amount. For more information on the value of your notes in the secondary market, see "Additional Risk Factors Specific to Your Notes -- The Price, if Any, at Which You May Be Able to Sell Your
Notes Prior to Maturity May Be Less than the Original Issue Price and Our Initial Estimated Value" below. The information in the table also reflects the key terms and assumptions in the box below.
K e y T e rm s a nd Assum pt ions

Principal amount
$1,000
Upside participation rate
160%
Cap level
113.25% of the initial basket level
Maximum settlement amount
$1,212.00
Buffer level
85.00% of the initial basket level
Buffer rate

, which equals approximately 117.65%
Buffer amount
15.00%
Neither a market disruption event nor a non-trading day occurs on the originally scheduled determination date


No change affecting the methods by which the basket underlier sponsors calculate the basket underliers

Notes purchased on original issue date at a price equal to the principal amount and held to the stated maturity date
The actual performance of the basket over the term of your notes, as well as the amount payable at maturity, if any, may bear little relation to the hypothetical examples shown below or to the historical level of
each basket underlier shown elsewhere in this pricing supplement. For information about the historical levels of each basket underlier during recent periods, see "The Basket and the Basket Underliers--Historical
Performance of the Basket Underliers" below. Before investing in the notes, you should consult publicly available information to determine the levels of the basket underliers between the date of this pricing
supplement and the date of your purchase of the notes.
Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax treatment applicable to your notes, tax liabilities could affect the after-tax rate of
return on your notes to a comparatively greater extent than the after-tax return on the stocks included in the basket underliers (the "underlier stocks").
The levels in the left column of the table below represent hypothetical final basket levels and are expressed as percentages of the initial basket level. The amounts in the right column represent the hypothetical
cash settlement amounts, based on the corresponding hypothetical final basket level (expressed as a percentage of the initial basket level), and are expressed as percentages of the principal amount of a note
(rounded to the nearest one-thousandth of a percent). Thus, a hypothetical cash settlement amount of 100.000% means that the value of the cash payment that we would deliver for each $1,000 principal amount
of the notes at maturity would equal the principal amount of a note, based on the corresponding hypothetical final basket level (expressed as a percentage of the initial basket level) and the assumptions noted
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above.
PS-5
H ypot he t ic a l Fina l Ba sk e t Le ve l (a s a Pe rc e nt a ge of t he
H ypot he t ic a l Ca sh Se t t le m e nt Am ount (a s a Pe rc e nt a ge
I nit ia l Ba sk e t Le ve l)
of t he Princ ipa l Am ount )
160.000%
121.200%
150.000%
121.200%
140.000%
121.200%
130.000%
121.200%
120.000%
121.200%
1 1 3 .2 5 0 %
1 2 1 .2 0 0 %
113.000%
120.800%
110.000%
116.000%
107.000%
111.200%
105.000%
108.000%
1 0 0 .0 0 0 %
1 0 0 .0 0 0 %
95.000%
100.000%
90.000%
100.000%
8 5 .0 0 0 %
1 0 0 .0 0 0 %
80.000%
94.118%
75.000%
88.235%
50.000%
58.824%
25.000%
29.412%
0 .0 0 0 %
0 .0 0 0 %
If, for example, the final basket level were determined to be 25.000% of the initial basket level, the cash settlement amount that we would deliver on your notes at maturity would be approximately 29.412% of the
principal amount of your notes, as shown in the hypothetical cash settlement amount column of the table above. As a result, if you purchased your notes at the principal amount on the settlement date and held
them to maturity, you would lose approximately 70.588% of your investment.
If the final basket level were determined to be 160.000% of the initial basket level, the cash settlement amount that we would deliver on your notes at maturity would be capped at the maximum settlement amount
(expressed as a percentage of the principal amount), or 121.200% of the principal amount of your notes, as shown in the hypothetical cash settlement amount column of the table above. As a result, if you
purchased your notes at the principal amount on the settlement date and held them to maturity, you would not benefit from any increase in the final basket level over 113.250% of the initial basket level.
PS-6
The following chart also illustrates the hypothetical cash settlement amounts (expressed as a percentage of the principal amount of your notes) that we would pay on your notes on the stated maturity date, if the
final basket level (expressed as a percentage of the initial basket level) were any of the hypothetical levels shown on the horizontal axis. The chart shows that any hypothetical final basket level (expressed as a
percentage of the initial basket level) of less than the buffer level would result in a hypothetical cash settlement amount of less than 100.00% of the principal amount of your notes (the section below the 100.00%
marker on the vertical axis) and, accordingly, in a loss of principal to the holder of the notes. On the other hand, any hypothetical final basket level that is greater than the initial basket level (the section right of the
100.00% marker on the horizontal axis) would result in a hypothetical cash settlement amount that is greater than 100.00% of the principal amount of your notes on a leveraged basis (the section above the
100.00% marker on the vertical axis), subject to the maximum settlement amount.

¦ The Note Performance ¦ The Basket Performance
The following examples illustrate the hypothetical cash settlement amount at maturity, on each note based on hypothetical final index levels of the basket underliers, calculated based on the key terms and
assumptions above. The levels in Column A represent the hypothetical initial index level for each basket underlier, and the levels in Column B represent hypothetical final index levels for each basket underlier.
The percentages in Column C represent hypothetical final index levels for each basket underlier in Column B expressed as percentages of the corresponding hypothetical initial index levels in Column A. The
amounts in Column D represent the applicable initial weighted value for each basket underlier, and the amounts in Column E represent the products of the percentages in Column C times the corresponding
amounts in Column D. The final basket level for each example is shown beneath each example, and will equal the sum of the five products shown in Column E. The basket return for each example is shown
beneath the final basket level for such example, and will equal the quotient of (i) the final basket level for such example minus the initial basket level divided by (ii) the initial basket level, expressed as a
percentage. The values below may be rounded for ease of analysis.
The hypothetical initial index level for each basket underlier of 100.00 has been chosen for illustrative purposes only and does not represent the actual initial index level for that basket underlier. For historical data
regarding the actual historical levels of the basket underliers, please see the historical information set forth below under "The Basket and the Basket Underliers."
PS-7
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Ex a m ple 1 : T he fina l ba sk e t le ve l is gre a t e r t ha n t he c a p le ve l. T he c a sh se t t le m e nt a m ount e qua ls t he m a x im um se t t le m e nt a m ount .


Colum n A

Colum n B

Colum n C

Colum n D

Colum n E






H ypot he t ic a l
H ypot he t ic a l
I nit ia l
I nit ia l I nde x
Fina l I nde x
Colum n
We ight e d
Colum n C x
Ba sk e t U nde rlie r

Le ve l

Le ve l

B/Colum n A

V a lue

Colum n D
EURO STOXX 50® Index

100.00

140.00

140.00%

36.00

50.40
TOPIX®

100.00

140.00

140.00%

27.00

37.80
FTSE® 100 Index

100.00

140.00

140.00%

19.00

26.60
Swiss Market Index

100.00

140.00

140.00%

10.00

14.00
S&P®/ASX 200 Index

100.00

140.00

140.00%

8.00

11.20





Final Basket Level:
140.00





Basket Return:
40.00%
In this example, all of the hypothetical final index levels for the basket underliers are greater than the applicable hypothetical initial index levels, which results in the hypothetical final basket level being greater than
the initial basket level of 100.00. Since the hypothetical final basket level was determined to be 140.00, the hypothetical cash settlement amount that we would deliver on your notes at maturity would be capped at
the maximum settlement amount of $1,212.00 for each $1,000 face amount of your notes (i.e., 121.20% of each $1,000 face amount of your notes).
Ex a m ple 2 : T he fina l ba sk e t le ve l is gre a t e r t ha n t he init ia l ba sk e t le ve l but le ss t ha n t he c a p le ve l.


Colum n A

Colum n B

Colum n C

Colum n D

Colum n E






H ypot he t ic a l
H ypot he t ic a l
I nit ia l
I nit ia l I nde x
Fina l I nde x
Colum n
We ight e d
Colum n C x
Ba sk e t U nde rlie r

Le ve l

Le ve l

B/Colum n A

V a lue

Colum n D
EURO STOXX 50® Index

100.00

101.00

101.00%

36.00

36.36
TOPIX®

100.00

102.00

102.00%

27.00

27.54
FTSE® 100 Index

100.00

103.00

103.00%

19.00

19.57
Swiss Market Index

100.00

135.00

135.00%

10.00

13.50
S&P®/ASX 200 Index

100.00

148.00

148.00%

8.00

11.84





Final Basket Level:
108.81





Basket Return:
8.81%
In this example, all of the hypothetical final index levels for the basket underliers are greater than the applicable hypothetical initial index levels, which results in the hypothetical final basket level being greater than
the initial basket level of 100.00. Since the hypothetical final basket level was determined to be 108.81, the hypothetical cash settlement amount for each $1,000 face amount of your notes will equal:
Cash settlement amount = $1,000 + ($1,000 × 160.00% × 8.81%) = $1,140.96
Ex a m ple 3 : T he fina l ba sk e t le ve l is le ss t ha n t he init ia l ba sk e t le ve l but gre a t e r t ha n t he buffe r le ve l. T he c a sh se t t le m e nt a m ount is e qua l t o t he $ 1 ,0 0 0 fa c e a m ount .


Colum n A

Colum n B

Colum n C

Colum n D

Colum n E






H ypot he t ic a l
H ypot he t ic a l
I nit ia l
I nit ia l I nde x
Fina l I nde x
Colum n
We ight e d
Colum n C x
Ba sk e t U nde rlie r

Le ve l

Le ve l

B/Colum n A

V a lue

Colum n D
EURO STOXX 50® Index

100.00

91.00

91.00%

36.00

32.76
TOPIX®

100.00

91.00

91.00%

27.00

24.57
FTSE® 100 Index

100.00

91.00

91.00%

19.00

17.29
Swiss Market Index

100.00

91.00

91.00%

10.00

9.10
S&P®/ASX 200 Index

100.00

91.00

91.00%

8.00

7.28





Final Basket Level:
91.00





Basket Return:
-9.00%
In this example, all of the hypothetical final index levels for the basket underliers are less than the applicable hypothetical initial index levels, which results in the hypothetical final basket level being less than the
initial basket level of 100.00. Since the hypothetical final basket level of 91.00 is greater than the buffer level of 85.00% of the initial basket level but less than the initial basket level of 100.00, the hypothetical cash
settlement amount for each $1,000 face amount of your notes will equal the face amount of the note, or $1,000.
PS-8
Ex a m ple 4 : T he fina l ba sk e t le ve l is le ss t ha n t he buffe r le ve l. T he c a sh se t t le m e nt a m ount is le ss t ha n t he $ 1 ,0 0 0 fa c e a m ount .


Colum n A

Colum n B

Colum n C

Colum n D

Colum n E






H ypot he t ic a l
H ypot he t ic a l
I nit ia l
I nit ia l I nde x
Fina l I nde x
Colum n
We ight e d
Colum n C x
Ba sk e t U nde rlie r

Le ve l

Le ve l

B/Colum n A

V a lue

Colum n D
EURO STOXX 50® Index

100.00

40.00

40.00%

36.00

14.40
TOPIX®

100.00

70.00

70.00%

27.00

18.90
FTSE® 100 Index

100.00

100.00

100.00%

19.00

19.00
Swiss Market Index

100.00

115.00

115.00%

10.00

11.50
S&P®/ASX 200 Index

100.00

115.00

115.00%

8.00

9.20





Final Basket Level:
73.00





Basket Return:
-27.00%
In this example, the hypothetical final index levels of the EURO STOXX 50® Index and the TOPIX® are less than their applicable hypothetical initial index levels, while the hypothetical final index level of the
FTSE® 100 Index is equal to its applicable hypothetical initial index level and the hypothetical final index levels of the Swiss Market Index and the S&P®/ASX 200 Index are greater than their applicable
hypothetical initial index levels.
Because the basket is unequally weighted, increases in the lower weighted basket underliers will be offset by decreases in the more heavily weighted basket underliers. In this example, the large declines in the
EURO STOXX 50® Index and the TOPIX® result in the hypothetical final basket level being less than the buffer level of 85.00% of the initial basket level, even though the FTSE® 100 Index remained flat and the
Swiss Market Index and the S&P®/ASX 200 Index increased.
Since the hypothetical final basket level of 73.00 is less than the buffer level of 85.00% of the initial basket level, the hypothetical cash settlement amount for each $1,000 face amount of your notes will equal:
Cash settlement amount = $1,000 + ($1,000 × 117.65% × (-27.00% + 15.00%)) = $858.82
Ex a m ple 5 : T he fina l ba sk e t le ve l is le ss t ha n t he buffe r le ve l. T he c a sh se t t le m e nt a m ount is le ss t ha n t he $ 1 ,0 0 0 fa c e a m ount .
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Colum n A

Colum n B

Colum n C

Colum n D

Colum n E






H ypot he t ic a l
H ypot he t ic a l
I nit ia l
I nit ia l I nde x
Fina l I nde x
Colum n
We ight e d
Colum n C x
Ba sk e t U nde rlie r

Le ve l

Le ve l

B/Colum n A

V a lue

Colum n D
EURO STOXX 50® Index

100.00

44.00

44.00%

36.00

15.84
TOPIX®

100.00

62.00

62.00%

27.00

16.74
FTSE® 100 Index

100.00

55.00

55.00%

19.00

10.45
Swiss Market Index

100.00

43.00

43.00%

10.00

4.30
S&P®/ASX 200 Index

100.00

56.00

56.00%

8.00

4.48





Final Basket Level:
51.81





Basket Return:
-48.19%
In this example, the hypothetical final index levels for all of the basket underliers are less than the applicable hypothetical initial index levels, which results in the hypothetical final basket level being less than the
initial basket level of 100.00. Since the hypothetical final basket level of 51.81 is less than the buffer level of 85.00% of the initial basket level, the hypothetical cash settlement amount for each $1,000 face amount
of your notes will equal:
Cash settlement amount = $1,000 + ($1,000 × 117.65% × (-48.19% + 15.00%)) = $609.53
No one can predict the final basket level. The actual amount that a holder of the notes will receive at maturity and the actual return on your investment in the notes, if any, will depend on the actual final basket
level, which will be determined by the calculation agent as described below. In addition, the actual return on your notes will further depend on the original issue price. Moreover, the assumptions on which the
hypothetical tables, chart and examples are based may turn out to be inaccurate. Consequently, the return on your investment in the notes, if any, and the actual cash settlement amount to be paid in respect of
the notes at maturity may be very different from the information reflected in the tables, chart and examples above.
PS-9
ADDI T I ON AL RI SK FACT ORS SPECI FI C T O Y OU R N OT ES
An investment in your notes is subject to the risks described below, as well as the risks described under "Risk Factors" beginning on page S-1 of the accompanying prospectus supplement and page 1 of the
accompanying prospectus. You should carefully review these risks as well as the terms of the notes described herein and in the accompanying prospectus, dated September 7, 2018, as supplemented by the
accompanying prospectus supplement, dated September 7, 2018, and the accompanying product prospectus supplement PB-1, dated September 20, 2018, of Royal Bank of Canada. Your notes are a riskier
investment than ordinary debt securities. Also, your notes are not equivalent to investing directly in the underlier stocks, i.e., the stocks included in the basket underliers. You should carefully consider whether
the offered notes are suited to your particular circumstances.
Y ou M a y Lose Y our Ent ire I nve st m e nt in t he N ot e s
The principal amount of your investment is not protected and you may lose a significant amount, or even all of your investment in the notes. The cash settlement amount, if any, will depend on the performance of
the basket underliers and the change in their levels from the trade date to the determination date, and you may receive significantly less than the principal amount of the notes. Subject to our credit risk, you will
receive at least the principal amount of the notes at maturity only if the final basket level is greater than or equal to the buffer level. If the final basket level is less than the buffer level, then you will lose, for each
$1,000 in principal amount of the notes, an amount equal to the product of (i) the buffer rate times (ii) the sum of basket return plus the buffer amount times (iii) $1,000. You could lose some or all of the principal
amount. Thus, depending on the final basket level, you could lose a substantial portion, and perhaps all, of your investment in the notes, which would include any premium to the principal amount you may have
paid when you purchased the notes.
In addition, if the notes are not held until maturity, assuming no changes in market conditions or to our creditworthiness and other relevant factors, the price you may receive for the notes may be significantly less
than the price that you paid for them.
Our I nit ia l Est im a t e d V a lue of t he N ot e s I s Le ss t ha n t he Origina l I ssue Pric e
Our initial estimated value of the notes that is set forth on the cover page of this pricing supplement is less than the original issue price of the notes and does not represent a minimum price at which we, RBCCM
or any of our other affiliates would be willing to purchase the notes in any secondary market (if any exists) at any time. This is due to, among other things, the fact that the original issue price of the notes reflects
the borrowing rate we pay to issue securities of this kind (an internal funding rate that is lower than the rate at which we borrow funds by issuing conventional fixed rate debt), and the inclusion in the original issue
price of the costs relating to our hedging of the notes.
T he Pric e , if Any, a t Whic h Y ou M a y Be Able t o Se ll Y our N ot e s Prior t o M a t urit y M a y Be Le ss t ha n t he Origina l I ssue Pric e a nd Our I nit ia l Est im a t e d V a lue
Assuming no change in market conditions or any other relevant factors, the price, if any, at which you may be able to sell your notes prior to maturity may be less than the original issue price and our initial
estimated value. This is because any such sale price would not be expected to include our estimated profit and the costs relating to our hedging of the notes. In addition, any price at which you may sell the notes
is likely to reflect customary bid-ask spreads for similar trades, and the cost of unwinding any related hedge transactions. In addition, the value of the notes determined for any secondary market price is expected
to be based in part on the yield that is reflected in the interest rate on our conventional debt securities of similar maturity that are traded in the secondary market, rather than the internal funding rate that we used
to price the notes and determine the initial estimated value. As a result, the secondary market price of the notes will be less than if the internal funding rate was used. These factors, together with various credit,
market and economic factors over the term of the notes, and, potentially, changes in the levels of the basket underliers, are expected to reduce the price at which you may be able to sell the notes in any
secondary market and will affect the value of the notes in complex and unpredictable ways.
As set forth below in the section "Supplemental Plan of Distribution (Conflicts of Interest)," for a limited period of time after the trade date, your broker may repurchase the notes at a price that is greater than the
estimated value of the notes at that time. However, assuming no changes in any other relevant factors, the price you may receive if you sell your notes is expected to decline gradually during that period.
The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
T he I nit ia l Est im a t e d V a lue of t he N ot e s I s a n Est im a t e Only, Ca lc ula t e d a s of t he T im e t he T e rm s of t he N ot e s We re Se t
Our initial estimated value of the notes is based on the value of our obligation to make the payments on the notes, together with the mid-market value of the derivative embedded in the terms of the notes. See
"Structuring the Notes" below. Our estimate is based on a variety of assumptions, including our internal funding rate (which represents a discount from our credit spreads), expectations as to dividends on the
underlier stocks, interest rates and volatility, and the expected term of the notes. These assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities may value
the notes or similar securities at a price that is significantly different than we do.
The value of the notes at any time after the trade date will vary based on many factors, including changes in market conditions, and cannot be predicted with accuracy. As a result, the actual value you would
receive if you sold the notes in any secondary market, if any, should be expected to differ materially from our initial estimated value of your notes.
PS-10
Y our N ot e s Will N ot Be a r I nt e re st
You will not receive any interest payments on the notes. Even if the amount payable on the notes at maturity exceeds the principal amount of the notes, the overall return you earn on the notes may be less than
you would otherwise have earned by investing in a non-indexed debt security of comparable maturity that bears interest at a prevailing market rate. Your investment may not reflect the full opportunity cost to you
when you take into account factors that affect the time value of money.
T he Pot e nt ia l for t he V a lue of Y our N ot e s t o I nc re a se Will Be Lim it e d
Your ability to participate in any change in the levels of the basket underliers and the level of the basket over the term of your notes will be limited because of the cap level. The cap level will limit the amount in
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cash you may receive for each of your notes at maturity, no matter how much the level of the basket may rise beyond the cap level over the term of your notes. Accordingly, the amount payable for each of your
notes may be significantly less than your return had you invested directly in the underlier stocks.
Pa ym e nt of t he Am ount Pa ya ble on Y our N ot e s I s Subje c t t o Our Cre dit Risk , a nd M a rk e t Pe rc e pt ions About Our Cre dit w ort hine ss M a y Adve rse ly Affe c t t he M a rk e t V a lue
of Y our N ot e s
The notes are our unsecured debt obligations. Investors are subject to our credit risk, and market perceptions about our creditworthiness may adversely affect the market value of the notes. Any decrease in the
market's view on or confidence in our creditworthiness is likely to adversely affect the market value of the notes.
T he Low e r Pe rform a nc e of One Ba sk e t U nde rlie r M a y Offse t a n I nc re a se in One or M ore Ot he r Ba sk e t U nde rlie rs
Declines in the level of one basket underlier may offset increases in the level of one or more other basket underliers. As a result, any return on the basket -- and thus on your notes -- may be reduced or
eliminated, which will have the effect of reducing the amount payable in respect of your notes at maturity. In addition, because the basket underliers are not equally weighted, increases in the lower weighted
basket underliers may be offset by even small decreases in the more heavily weighted basket underliers.
T he Am ount Pa ya ble on Y our N ot e s I s N ot Link e d t o t he Le ve l of t he Ba sk e t a t Any T im e Ot he r t ha n t he De t e rm ina t ion Da t e
The amount payable on your notes will be based on the final basket level. Therefore, for example, if the closing level of one or more basket underliers decreased precipitously on the determination date, the
amount payable at maturity may be significantly less than it would otherwise have been had the amount payable been linked to the closing levels of the basket underliers prior to that decrease. Although the actual
levels of the basket underliers at maturity or at other times during the term of the notes may be higher than their levels on the determination date, you will not benefit from the closing level of any basket underlier at
any time other than the determination date.
T he N ot e s M a y N ot H a ve a n Ac t ive T ra ding M a rk e t
The notes will not be listed on any securities exchange. The dealer intends to offer to purchase the notes in the secondary market, but is not required to do so. The dealer or any of its affiliates may stop any
market-making activities at any time. Even if there is a secondary market, it may not provide enough liquidity to allow you to easily trade or sell the notes. Because other dealers are not likely to make a secondary
market for the notes, the price at which you may be able to trade the notes is likely to depend on the price, if any, at which the dealer is willing to buy the notes. We expect that transaction costs in any secondary
market would be high. As a result, the difference between bid and asked prices for your notes in any secondary market could be substantial.
If you sell your notes before maturity, you may have to do so at a substantial discount from the price that you paid for them, and as a result, you may suffer substantial losses.
T he M a rk e t V a lue of Y our N ot e s M a y Be I nflue nc e d by M a ny U npre dic t a ble Fa c t ors
The following factors, among others, many of which are beyond our control, may influence the market value of your notes:
·
the levels of the basket underliers;
·
the volatility--i.e., the frequency and magnitude of changes--of the levels of the basket underliers;
·
the dividend rates of the underlier stocks;
·
economic, financial, regulatory, political, military and other events that affect stock markets generally and the underlier stocks;
·
interest and yield rates in the market;
·
the time remaining until the notes mature; and
·
our creditworthiness, whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit ratings or changes in other credit measures.
These factors may influence the market value of your notes if you sell your notes before maturity, including the price you may receive for your notes in any market making transaction. If you sell your notes prior to
maturity, you may receive less than the principal amount of your notes.
An I nve st m e nt in t he N ot e s I s Subje c t t o Risk s Assoc ia t e d w it h Fore ign Se c urit ie s M a rk e t s
The basket underliers track the value of certain foreign equity securities. The basket underliers are five separate indices, which track the equity markets in a variety of countries and regions. You should be aware
that investments in securities
PS-11
linked to the value of foreign equity securities involve particular risks. The foreign securities markets comprising the basket underliers may have less liquidity and may be more volatile than U.S. or other securities
markets and market developments may affect foreign markets differently from U.S. or other securities markets. Direct or indirect government intervention to stabilize these foreign securities markets, as well as
cross-shareholdings in foreign companies, may affect trading prices and volumes in these markets. Also, there is generally less publicly available information about foreign companies than about those U.S.
companies that are subject to the reporting requirements of the U.S. Securities and Exchange Commission, and foreign companies are subject to accounting, auditing and financial reporting standards and
requirements that differ from those applicable to U.S. reporting companies.
Prices of securities in foreign countries are subject to political, economic, financial and social factors that apply in those geographical regions. These factors, which could negatively affect those securities markets,
include the possibility of recent or future changes in a foreign government's economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other laws or restrictions applicable to
foreign companies or investments in foreign equity securities and the possibility of fluctuations in the rate of exchange between currencies, the possibility of outbreaks of hostility and political instability and the
possibility of natural disaster or adverse public health development in the region. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in important respects such as growth of
gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.
T he N ot e s Are Link e d t o t he U nde rlie r St oc k s, a nd Are T he re fore Subje c t t o Fore ign Curre nc y Ex c ha nge Ra t e Risk
Although the underlier stocks are traded principally in non-U.S. dollars, the payments on the notes will not be adjusted due to any changes in currency exchange rates. Changes in the value of one or more of the
currencies in which the underlier stocks are traded could have an adverse impact on the value of the notes and the payment at maturity.
Foreign currency exchange rates vary over time, and may vary considerably during the life of the notes. Changes in a particular exchange rate result from the interaction of many factors directly or indirectly
affecting economic and political conditions.
Of particular importance are:
·
existing and expected rates of inflation;
·
existing and expected interest rate levels;
·
the balance of payments;
·
the extent of governmental surpluses or deficits in the relevant countries; and
·
other financial, economic, military and political factors.
All of these factors are, in turn, sensitive to the monetary, fiscal and trade policies pursued by the governments of the various component countries and the United States and other countries important to
international trade and finance.
It has been reported that the U.K. Financial Conduct Authority and regulators from other countries are in the process of investigating the potential manipulation of published currency exchange rates. If such
manipulation has occurred or is continuing, certain published exchange rates may have been, or may be in the future, artificially lower (or higher) than they would otherwise have been. Any such manipulation
could have an adverse impact on any payments on, and the value of, your notes and the trading market for your notes. In addition, we cannot predict whether any changes or reforms affecting the determination or
publication of exchange rates or the supervision of currency trading will be implemented in connection with these investigations. Any such changes or reforms could also adversely impact your notes.
I f t he Le ve l or Pric e of t he Ba sk e t U nde rlie rs or t he U nde rlie r St oc k s Cha nge s, t he M a rk e t V a lue of t he N ot e s M a y N ot Cha nge in t he Sa m e M a nne r
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The notes may trade quite differently from the performance of the basket underliers or the underlier stocks. Changes in the level or price, as applicable, of the basket underliers or the underlier stocks may not result
in a comparable change in the market value of the notes. Some of the reasons for this disparity are discussed under "-- The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors" above.
T he Re t urn on t he N ot e s Will N ot Re fle c t Any Divide nds Pa id on t he U nde rlie r St oc k s
The basket underlier sponsors calculate the levels of the basket underliers by reference to the prices of the applicable underlier stocks without taking account of the value of dividends paid on those underlier
stocks. Therefore, the return on the notes will not reflect the return you would realize if you actually owned the underlier stocks and received the dividends paid on those underlier stocks.
Y ou H a ve N o Sha re holde r Right s or Right s t o Re c e ive Any U nde rlie r St oc k
Investing in your notes will not make you a holder of any of the underlier stocks. Neither you nor any other holder or owner of your notes will have any voting rights, any right to receive dividends or other
distributions, any rights to make a claim against the underlier stock issuers or any other rights with respect to the underlier stocks. Your notes will be paid in cash to the extent any amount is payable at maturity,
and you will have no right to receive delivery of any of the underlier stocks.
PS-12
We Will N ot H old Any of t he U nde rlie r St oc k s for Y our Be ne fit , if We H old T he m a t All
The indenture and the terms governing your notes do not contain any restriction on our ability or the ability of any of our affiliates to sell, pledge or otherwise convey all or any portion of the underlier stocks that we
or they may acquire. Neither we nor our affiliates will pledge or otherwise hold any assets for your benefit, including any of these securities. Consequently, in the event of our bankruptcy, insolvency or liquidation,
any of those securities that we own will be subject to the claims of our creditors generally and will not be available for your benefit specifically.
Our H e dging Ac t ivit ie s a nd/or T hose of Our Dist ribut ors M a y N e ga t ive ly I m pa c t I nve st ors in t he N ot e s a nd Ca use Our I nt e re st s a nd T hose of Our Clie nt s a nd
Count e rpa rt ie s t o Be Cont ra ry t o T hose of I nve st ors in t he N ot e s
The dealer or one or more of our other affiliates and/or distributors has hedged or expects to hedge its obligations under the hedging transaction that it may enter into with us by purchasing futures and/or other
instruments linked to the basket or to one or more basket underliers or the underlier stocks. The dealer or one or more of our other affiliates and/or distributors also expects to adjust the hedge by, among other
things, purchasing or selling any of the foregoing, and perhaps other instruments linked to the basket, or one or more of the basket underliers or underlier stocks, at any time and from time to time, and to unwind
the hedge by selling any of the foregoing on or before the determination date.
We, the dealer, or one or more of our other affiliates and/or distributors may also enter into, adjust and unwind hedging transactions relating to other basket- or index-linked notes whose returns are linked to
changes in the level or price of the basket, the basket underliers or the underlier stocks. Any of these hedging activities may adversely affect the levels of the basket underliers --directly or indirectly by affecting the
price of the underlier stocks--and therefore the market value of the notes and the amount you will receive, if any, on the notes. In addition, you should expect that these transactions will cause us, the dealer or our
other affiliates and/or distributors, or our clients or counterparties, to have economic interests and incentives that do not align with, and that may be directly contrary to, those of an investor in the notes. We, the
dealer and our other affiliates and/or distributors will have no obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect on an investor in the
notes, and may receive substantial returns with respect to these hedging activities while the value of the notes may decline. Additionally, if the distributor from which you purchase notes is to conduct hedging
activities for us in connection with the notes, that distributor may profit in connection with such hedging activities and such profit, if any, will be in addition to the compensation that the distributor receives for the
sale of the notes to you. You should be aware that the potential to earn fees in connection with hedging activities may create a further incentive for the distributor to sell the notes to you in addition to the
compensation they would receive for the sale of the notes.
M a rk e t Ac t ivit ie s by U s a nd by t he De a le r for Our Ow n Ac c ount or for Our Clie nt s Could N e ga t ive ly I m pa c t I nve st ors in t he N ot e s
We, the dealer and our other affiliates provide a wide range of financial services to a substantial and diversified client base. As such, we each may act as an investor, investment banker, research provider,
investment manager, investment advisor, market maker, trader, prime broker or lender. In those and other capacities, we, the dealer and/or our other affiliates purchase, sell or hold a broad array of investments,
actively trade securities (including the notes or other securities that we have issued), the underlier stocks, derivatives, loans, credit default swaps, indices, baskets and other financial instruments and products for
our own accounts or for the accounts of our customers, and we will have other direct or indirect interests, in those securities and in other markets that may be not be consistent with your interests and may
adversely affect the levels of the basket underliers and/or the value of the notes. Any of these financial market activities may, individually or in the aggregate, have an adverse effect on the levels of the basket
underliers and the market value of your notes, and you should expect that our interests and those of the dealer and/or our other affiliates, or our clients or counterparties, will at times be adverse to those of
investors in the notes.
In addition to entering into these transactions itself, we, the dealer and our other affiliates may structure these transactions for our clients or counterparties, or otherwise advise or assist clients or counterparties in
entering into these transactions. These activities may be undertaken to achieve a variety of objectives, including: permitting other purchasers of the notes or other securities to hedge their investment in whole or in
part; facilitating transactions for other clients or counterparties that may have business objectives or investment strategies that are inconsistent with or contrary to those of investors in the notes; hedging the
exposure of us, the dealer or our other affiliates in connection with the notes, through their market-making activities, as a swap counterparty or otherwise; enabling us, the dealer or our other affiliates to comply
with internal risk limits or otherwise manage firmwide, business unit or product risk; and/or enabling us, the dealer or our other affiliates to take directional views as to relevant markets on behalf of itself or our
clients or counterparties that are inconsistent with or contrary to the views and objectives of investors in the notes.
We, the dealer and our other affiliates regularly offer a wide array of securities, financial instruments and other products into the marketplace, including existing or new products that are similar to the notes or other
securities that we may issue, the underlier stocks or other securities or instruments similar to or linked to the foregoing. Investors in the notes should expect that we, the dealer and our other affiliates will offer
securities, financial instruments, and other products that may compete with the notes for liquidity or otherwise.
We , t he De a le r a nd Our Ot he r Affilia t e s Re gula rly Provide Se rvic e s t o, or Ot he rw ise H a ve Busine ss Re la t ionships w it h, a Broa d Clie nt Ba se , Whic h H a s I nc lude d a nd M a y
I nc lude U s a nd t he I ssue rs of t he U nde rlie r St oc k s
We, the dealer and our other affiliates regularly provide financial advisory, investment advisory and transactional services to a substantial and diversified client base. You should assume that we or they will, at
present or in the future, provide such services or otherwise engage in transactions with, among others, us and the issuers of the underlier stocks, or transact in securities or instruments or with parties that are
directly or indirectly related to these entities. These services could include making loans to or equity investments in those companies, providing financial advisory or other investment banking services, or issuing
research reports. You should expect that we, the dealer and our other affiliates, in providing these services, engaging in such transactions, or acting for our own accounts, may take actions that have direct or
indirect effects on the
PS-13
notes or other securities that we may issue, the underlier stocks or other securities or instruments similar to or linked to the foregoing, and that such actions could be adverse to the interests of investors in the
notes. In addition, in connection with these activities, certain personnel within us, the dealer or our other affiliates may have access to confidential material non-public information about these parties that would not
be disclosed to investors of the notes.
Pa st Ba sk e t U nde rlie r Pe rform a nc e I s N o Guide t o Fut ure Pe rform a nc e
The actual performance of the basket underliers over the term of the notes may bear little relation to their historical levels. Likewise, the amount payable at maturity may bear little relationship to the hypothetical
return table or charts set forth elsewhere in this pricing supplement. We cannot predict the future performance of the basket underliers or the basket. Trading activities undertaken by market participants, including
certain investors in the notes or their affiliates, including in short positions and derivative positions, may adversely affect the levels of the basket underliers.
As t he Ca lc ula t ion Age nt , RBCCM Will H a ve t he Aut horit y t o M a k e De t e rm ina t ions t ha t Could Affe c t t he Am ount Y ou Re c e ive , if Any, a t M a t urit y
As the calculation agent for the notes, RBCCM will have discretion in making various determinations that affect the notes, including determining the final basket level, which will be used to determine the cash
settlement amount at maturity, and determining whether to postpone the determination date because of a market disruption event or because that day is not a trading day. The calculation agent also has discretion
in making certain adjustments relating to a discontinuation or modification of a basket underlier, as described under "General Terms of the Notes--Unavailability of the Level of the Underlier" on page PS-6 of the
accompanying product prospectus supplement PB-1. The exercise of this discretion by RBCCM, which is our wholly owned subsidiary, could adversely affect the value of the notes and may create a conflict of
interest between you and RBCCM. For a description of market disruption events as well as the consequences of the market disruption events, see the section entitled "General Terms of the Notes--Market
Disruption Events" beginning on page PS-7 of the accompanying product prospectus supplement PB-1. We may change the calculation agent at any time without notice, and RBCCM may resign as calculation
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agent at any time.
T he Polic ie s of t he Applic a ble Ba sk e t U nde rlie r Sponsors a nd Cha nge s t ha t Affe c t t he Ba sk e t U nde rlie rs or t he U nde rlie r St oc k s Could Affe c t t he Am ount Pa ya ble on t he
N ot e s, if Any, a nd T he ir M a rk e t V a lue
The policies of the basket underlier sponsors concerning the calculation of their levels, additions, deletions or substitutions of the underlier stocks and the manner in which changes affecting such underlier stocks
or their issuers, such as stock dividends, reorganizations or mergers, are reflected in the levels of the basket underliers, could affect the levels of the basket underliers and, therefore, the amount payable on the
notes, if any, at maturity and the market value of the notes prior to maturity. The amount payable on the notes, if any, and their market value could also be affected if a basket underlier sponsor changes these
policies, for example, by changing the manner in which it calculates the level of the applicable basket underlier, or if a basket underlier sponsor discontinues or suspends calculation or publication of the level of a
basket underlier, in which case it may become difficult to determine the market value of the notes. If events such as these occur, the calculation agent will determine the amount payable, if any, at maturity as
described herein and in the product prospectus supplement.
T he Ca lc ula t ion Age nt Ca n Post pone t he De t e rm ina t ion of t he Fina l Ba sk e t Le ve l if a M a rk e t Disrupt ion Eve nt Oc c urs or I s Cont inuing
The determination of the final basket level may be postponed if the calculation agent determines that a market disruption event has occurred or is continuing on the determination date with respect to one or more
of the basket underliers. If such a postponement occurs, the determination date will be postponed until the first following trading day on which the calculation agent determines that, on or subsequent to the
originally scheduled determination date, each basket underlier has had at least one trading day on which no market disruption event has occurred or is continuing. In no case, however, will the determination date
be postponed to a date later than the originally scheduled stated maturity date. If a market disruption event occurs or is continuing on the determination date, the stated maturity date for the notes will also be
postponed.
If the determination of the level of a basket underlier for the determination date is postponed to the last possible day, but a market disruption event occurs or is continuing on that day, that day will nevertheless be
the date on which the level of that basket underlier will be determined by the calculation agent. In such an event, the calculation agent will make a good faith estimate in its sole discretion of the level that would
have prevailed in the absence of the market disruption event. See "Summary Information--Key Terms--Determination date," "--Stated maturity date" and "--Consequences of a market disruption event or a non-
trading day" above.
T he re I s N o Affilia t ion Be t w e e n Any U nde rlie r St oc k I ssue rs or Ba sk e t U nde rlie r Sponsors a nd U s or t he De a le r, a nd N e it he r We N or t he De a le r I s Re sponsible for Any
Disc losure by Any of t he U nde rlie r St oc k I ssue rs or Ba sk e t U nde rlie r Sponsors
We are not affiliated with the issuers of the underlier stocks or with any sponsor of the basket underliers. As discussed herein, however, we, the dealer, and our other affiliates may currently, or from time to time in
the future, engage in business with the issuers of the underlier stocks. Nevertheless, none of us, the dealer, or our respective affiliates assumes any responsibility for the accuracy or the completeness of any
information about any basket underlier or any of the underlier stocks. You, as an investor in the notes, should make your own investigation into the basket underliers and the underlier stocks. See the section below
entitled "The Basket and the Basket Underliers" for additional information about the basket underliers.
Neither the basket underlier sponsors nor any issuers of the underlier stocks are involved in this offering of the notes in any way, and none of them have any obligation of any sort with respect to the notes. Thus,
none of these sponsors or any of the issuers of the underlier stocks have any obligation to take your interests into consideration for any reason, including in taking any corporate actions that might affect the value
of the notes.
PS-14
Y ou M ust Re ly on Y our Ow n Eva lua t ion of t he M e rit s of a n I nve st m e nt Link e d t o t he Ba sk e t
In the ordinary course of business, we, the dealer, our other affiliates and any additional dealers, including in acting as a research provider, investment advisor, market maker, principal investor or distributor, may
express research or investment views on expected movements in the basket underliers or the underlier stocks, and may do so in the future. These views or reports may be communicated to our clients, clients of
our affiliates and clients of any additional dealers, and may be inconsistent with, or adverse to, the objectives of investors in the notes. However, these views are subject to change from time to time. Moreover,
other professionals who transact business in markets relating to the basket underliers or the underlier stocks may at any time have significantly different views from those of these entities. For these reasons, you
are encouraged to derive information concerning the basket underliers or the underlier stocks from multiple sources, and you should not rely solely on views expressed by us, the dealer, our other affiliates, or any
additional dealers.
We M a y Se ll a n Addit iona l Aggre ga t e Am ount of t he N ot e s a t a Diffe re nt Origina l I ssue Pric e
At our sole option, we may decide to sell an additional aggregate amount of the notes subsequent to the trade date. The price of the notes in the subsequent sale may differ substantially (higher or lower) from the
principal amount.
I f t he Origina l I ssue Pric e for Y our N ot e s Re pre se nt s a Pre m ium t o t he Princ ipa l Am ount , t he Re t urn on Y our N ot e s Will Be Low e r T ha n t he Re t urn on N ot e s for Whic h t he
Origina l I ssue Pric e I s Equa l t o t he Princ ipa l Am ount or Re pre se nt s a Disc ount t o t he Princ ipa l Am ount
The cash settlement amount will not be adjusted based on the original issue price. If the original issue price for your notes differs from the principal amount, the return on your notes held to maturity will differ from,
and may be substantially less than, the return on notes for which the original issue price is equal to the principal amount. If the original issue price for your notes represents a premium to the principal amount and
you hold them to maturity, the return on your notes will be lower than the return on notes for which the original issue price is equal to the principal amount or represents a discount to the principal amount.
In addition, the impact of the buffer level and the cap level on the return on your investment will depend upon the price you pay for your notes relative to the principal amount. For example, if you purchase your
notes at a premium to the principal amount, the cap level will only permit a lower percentage increase in your investment in the notes than would have been the case for notes purchased at the principal amount or
a discount to the principal amount. Similarly, the buffer level, while still providing some protection for the return on the notes, will allow a greater percentage decrease in your investment in the notes than would
have been the case for notes purchased at the principal amount or a discount to the principal amount.
Signific a nt Aspe c t s of t he I nc om e T a x T re a t m e nt of a n I nve st m e nt in t he N ot e s Are U nc e rt a in
The tax treatment of an investment in the notes is uncertain. We do not plan to request a ruling from the Internal Revenue Service or the Canada Revenue Agency regarding the tax treatment of an investment in
the notes, and the Internal Revenue Service, the Canada Revenue Agency or a court may not agree with the tax treatment described in this pricing supplement.
The Internal Revenue Service has issued a notice indicating that it and the U.S. Treasury Department are actively considering whether, among other issues, a holder should be required to accrue interest over the
term of an instrument such as the notes even though that holder will not receive any payments with respect to the notes until maturity or earlier sale or exchange and whether all or part of the gain a holder may
recognize upon sale, exchange or maturity of an instrument such as the notes could be treated as ordinary income. The outcome of this process is uncertain and could apply on a retroactive basis.
Please read carefully the section entitled "Supplemental Discussion of U.S. Federal Income Tax Consequences" in the accompanying product prospectus supplement PB-1, the section entitled "Certain Income
Tax Consequences" in the accompanying prospectus supplement and the section entitled "Tax Consequences" in the accompanying prospectus. You should consult your tax advisor about your own tax situation.
N on -U .S. I nve st ors M a y Be Subje c t t o Ce rt a in Addit iona l Risk s
The notes will be denominated in U.S. dollars. If you are a non-U.S. investor who purchases the notes with a currency other than U.S. dollars, changes in rates of exchange may have an adverse effect on the
value, price or returns of your investment.
This pricing supplement contains a general description of certain U.S. tax considerations relating to the notes. If you are a non-U.S. investor, you should consult your tax advisors as to the consequences, under
the tax laws of the country where you are resident for tax purposes, of acquiring, holding and disposing of the notes and receiving the payments that might be due under the notes.
For a discussion of certain Canadian federal income tax consequences of investing in the notes, please see the section entitled "Tax Consequences -- Canadian Taxation" in the accompanying prospectus. If you
are not a Non-resident Holder (as that term is defined in "Tax Consequences -- Canadian Taxation" in the accompanying prospectus) or if you acquire the notes in the secondary market, you should consult your
tax advisor as to the consequences of acquiring, holding and disposing of the notes and receiving the payments that might be due under the notes.
Ce rt a in Conside ra t ions for I nsura nc e Com pa nie s a nd Em ploye e Be ne fit Pla ns
Any insurance company or fiduciary of a pension plan or other employee benefit plan that is subject to the prohibited transaction rules of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), including an IRA or a Keogh plan (or a governmental plan to which similar prohibitions apply), and that is considering
purchasing the notes with the assets of the insurance company or the assets of such a plan, should consult with its counsel regarding whether the purchase or holding of the notes could become a "prohibited
transaction" under ERISA, the Internal Revenue Code or any substantially similar prohibition in light of the representations a purchaser or holder in any of the above categories is deemed to make by purchasing
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and holding
PS-15
the notes. This is discussed in more detail under "Employee Retirement Income Security Act" in the accompanying product prospectus supplement PB-1.
PS-16
T H E BASK ET AN D T H E BASK ET U N DERLI ERS
T he Ba sk e t
The basket is comprised of five basket underliers with the following initial weights within the basket: the EURO STOXX 50® Index (36.00% weighting), the TOPIX® (27.00% weighting), the FTSE® 100 Index
(19.00% weighting), the Swiss Market Index (10.00% weighting) and the S&P®/ASX 200 Index (8.00% weighting).
All information contained in this pricing supplement regarding the basket underliers including, without limitation, their make-up, method of calculation and changes in their components and their historical closing
values, is derived from publicly available information prepared by the basket underlier sponsors. Such information reflects the policies of, and is subject to change by, the basket underlier sponsors. The basket
underlier sponsors own the copyrights and all rights to the basket underliers. The basket underlier sponsors are under no obligation to continue to publish, and may discontinue publication of, the basket underliers.
The consequences of the basket underlier sponsors discontinuing or modifying the basket underliers are described in the section entitled "Description of the Notes--Unavailability of the Level of the Underlier" on
page PS-6 of the accompanying product prospectus supplement PB-1.
The basket underliers are calculated and maintained by the basket underlier sponsors. Neither we nor RBCCM has participated in the preparation of such documents or made any due diligence inquiry with respect
to the basket underliers or basket underlier sponsors in connection with the offering of the notes. In connection with the offering of the notes, neither we nor RBCCM makes any representation that such publicly
available information regarding the basket underliers or the basket underlier sponsors is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the offering of the notes
(including events that would affect the accuracy or completeness of the publicly available information described in this pricing supplement) that would affect the level of the basket or have been publicly disclosed.
Subsequent disclosure of any such events could affect the value received at maturity and therefore the market value of the notes.
As to each basket underlier, sector designations are determined by the applicable basket underlier sponsor using criteria it has selected or developed. Index sponsors may use very different standards for
determining sector designations. In addition, many companies operate in a number of sectors, but are listed in only one sector and the basis on which that sector is selected may also differ. As a result, sector
comparisons between indices with different index sponsors may reflect differences in methodology as well as actual differences in the sector composition of the indices.
We, the dealer or our respective affiliates may presently or from time to time engage in business with one or more of the issuers of the underlier stocks without regard to your interests, including extending loans to
or entering into loans with, or making equity investments in, one or more of such issuers or providing advisory services to one or more of such issuers, such as merger and acquisition advisory services. In the
course of business, we, the dealer or our respective affiliates may acquire non-public information about one or more of such issuers and none of us, the dealer or our respective affiliates undertake to disclose any
such information to you. In addition, we, the dealer or our respective affiliates from time to time have published and in the future may publish research reports with respect to such issuers. These research reports
may or may not recommend that investors buy or hold the securities of such issuers. As a prospective purchaser of the notes, you should undertake an independent investigation of the basket underliers or of the
issuers of the underlier stocks to the extent required, in your judgment, to allow you to make an informed decision with respect to an investment in the notes.
We are not incorporating by reference the websites of the basket underlier sponsors or any material it includes into this pricing supplement. In this pricing supplement, unless the context requires otherwise,
references to the basket underliers will include any successor underliers to the basket underliers and references to the basket underlier sponsors will include any successors thereto.
PS-17
EU RO ST OX X 5 0 ® I nde x
The EURO STOXX 50® Index (Bloomberg ticker "SX5E Index") was created by STOXX, which is owned by Deutsche Börse AG. Publication of the underlier began in February 1998, based on an initial Index level
of 1,000 at December 31, 1991.
Com posit ion a nd M a int e na nc e
The EURO STOXX 50® Index is composed of 50 component stocks of market sector leaders from within the 19 EURO STOXX® Supersector indices, which represent the Eurozone portion of the STOXX Europe
600® Supersector indices.
Information regarding the EURO STOXX 50® Index (including information regarding the countries represented by the securities included in this Basket Underlier and their respective weightings, the industries
represented by the securities included in this Basket Underlier and their respective weightings and the top ten components of this Basket Underlier and their respective weightings) may be found on STOXX's
website. That information is updated from time to time on that website. Please note that information included in that website is not included or incorporated by reference in this pricing supplement.
The composition of the EURO STOXX 50® Index is reviewed annually, based on the closing stock data on the last trading day in August. The component stocks are announced on the first trading day in
September. Changes to the component stocks are implemented on the third Friday in September and are effective the following trading day. Changes in the composition of the EURO STOXX 50® Index are made
to ensure that the EURO STOXX 50® Index includes the 50 market sector leaders from within the EURO STOXX 50® Index.
The free float factors for each component stock used to calculate the EURO STOXX 50® Index, as described below, are reviewed, calculated, and implemented on a quarterly basis and are fixed until the next
quarterly review.
The EURO STOXX 50® Index is also reviewed on an ongoing basis. Corporate actions (including initial public offerings, mergers and takeovers, spin-offs, delistings, and bankruptcy) that affect the EURO STOXX
50® Index composition are immediately reviewed. Any changes are announced, implemented, and effective in line with the type of corporate action and the magnitude of the effect.
Ca lc ula t ion of t he EU RO ST OX X 5 0 ® I nde x
The EURO STOXX 50® Index is calculated with the "Laspeyres formula," which measures the aggregate price changes in the component stocks against a fixed base quantity weight. The formula for calculating
the EURO STOXX 50® Index value can be expressed as follows:
Free float market capitalization of the EURO STOXX 50® Index
EURO STOXX 50® Index =
x 1,000
Adjusted base date market capitalization of the EURO STOXX 50® Index
The "free float market capitalization of the EURO STOXX 50® Index" is equal to the sum of the products of the closing price, market capitalization, and free float factor for each component stock as of the time the
EURO STOXX 50® Index is being calculated.
The EURO STOXX 50® Index is also subject to a divisor, which is adjusted to maintain the continuity of the EURO STOXX 50® Index values across changes due to corporate actions, such as the deletion and
addition of stocks, the substitution of stocks, stock dividends, and stock splits.
Lic e nse Agre e m e nt
We have entered into a non-exclusive license agreement with STOXX providing for the license to us and certain of our affiliated or subsidiary companies, in exchange for a fee, of the right to use indices owned
and published by STOXX (including the EURO STOXX 50® Index) in connection with certain securities, including the notes offered hereby.
The license agreement between us and STOXX requires that the following language be stated in this document:
STOXX has no relationship to us, other than the licensing of the EURO STOXX 50® Index and the related trademarks for use in connection with the notes. STOXX does not:
·
sponsor, endorse, sell, or promote the notes;
·
recommend that any person invest in the notes offered hereby or any other securities;
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