Obbligazione Canadian Imperial Bank 10% ( US78013X6U76 ) in USD

Emittente Canadian Imperial Bank
Prezzo di mercato 100 USD  ▼ 
Paese  Canada
Codice isin  US78013X6U76 ( in USD )
Tasso d'interesse 10% per anno ( pagato 2 volte l'anno)
Scadenza 19/05/2022 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78013X6U76 in USD 10%, scaduta


Importo minimo 1 000 USD
Importo totale 1 739 000 USD
Cusip 78013X6U7
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La Royal Bank of Canada (RBC) è una delle più grandi banche del Canada, con attività a livello globale nei settori della gestione patrimoniale, dei servizi finanziari e dell'investimento.

The Obbligazione issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78013X6U76, pays a coupon of 10% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 19/05/2022







424B2 1 form424b2.htm AUTOCALL CONT COUPON BARRIER 78013X6U7
File d Pursua nt t o Rule 4 2 4 (b)(2 )
RBC Ca pit a l M a rk e t s®
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
$1,739,000

Auto-Callable Contingent Coupon Barrier Notes
Dated May 15, 2019
Linked to the Lesser Performing of Four Equity
To the Product Prospectus Supplement No. CCBN-1 Dated September 10, 2018,
Securities, Due May 19, 2022
the Prospectus Supplement Dated September 7, 2018 and the Prospectus,
Royal Bank of Canada
Dated September 7, 2018


Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the "Notes") linked to the lesser performing of four equity securities (each, a "Reference Stock" and
collectively, the "Reference Stocks"). The Notes offered are senior unsecured obligations of Royal Bank of Canada, will pay a quarterly Contingent Coupon at the rate and under the
circumstances specified below, and will have the terms described in the documents described above, as supplemented or modified by this pricing supplement.
Re fe re nc e St oc k s a nd Re fe re nc e St oc k I ssue rs

I nit ia l St oc k Pric e s

Coupon Ba rrie rs a nd T rigge r Pric e s
Amazon.com, Inc. ("AMZN")

$1,871.15

$935.58, which is 50.00% of its Initial Stock Price*
Facebook, Inc. ("FB")

$186.27

$93.14, which is 50.00% of its Initial Stock Price*
Alphabet Inc. ("GOOGL")

$1,170.80

$585.40, which is 50.00% of its Initial Stock Price
Netflix Inc. ("NFLX")

$354.99

$177.50, which is 50.00% of its Initial Stock Price*
* Rounded to two decimal places.
The Notes do not guarantee any return of principal at maturity. Any payments on the Notes are subject to our credit risk.
Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page PS -5 of the product prospectus supplement dated September 10, 2018, on page S -1 of the
prospectus supplement dated September 7, 2018, and "Selected Risk Considerations" beginning on page P -7 of this pricing supplement.
The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. government
agency or instrumentality. The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or determined that this pricing supplement is truthful or
complete. Any representation to the contrary is a criminal offense.
I ssue r:
Royal Bank of Canada
St oc k Ex c ha nge List ing:
None
T ra de Da t e :
May 15, 2019
Princ ipa l Am ount :
$1,000 per Note
I ssue Da t e :
May 20, 2019
M a t urit y Da t e :
May 19, 2022
Obse rva t ion Da t e s:
Quarterly, as set forth below.
Coupon Pa ym e nt Da t e s:
Quarterly, as set forth below
V a lua t ion Da t e :
May 16, 2022
Cont inge nt Coupon Ra t e :
10.00% per annum
Cont inge nt Coupon:
If the closing price of e a c h Reference Stock is greater than or equal to its Coupon Barrier on the applicable Observation Date, we will pay the
Contingent Coupon applicable to the corresponding Observation Date. You may not receive any Contingent Coupons during the term of the Notes.
Pa ym e nt a t M a t urit y (if he ld If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price of the Lesser Performing Reference
t o m a t urit y):
Stock:
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Stock Price of the Lesser Performing Reference
Stock is less than its Trigger Price.
If the Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger Price, then the investor will receive at maturity, for each
$1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Reference Stock Return of the Lesser Performing Reference Stock)
Investors could lose some or all of their principal amount if the Final Stock Price of the Lesser Performing Reference Stock is below its Trigger Price.
Le sse r Pe rform ing
The Reference Stock with the lowest Reference Stock Return.
Re fe re nc e St oc k :
Ca ll Fe a t ure :
If the closing price of e a c h Reference Stock is greater than or equal to its Initial Stock Price starting on N ove m be r 1 5 , 2 0 1 9 and on any
Observation Date thereafter, the Notes will be automatically called for 100% of their principal amount, plus the Contingent Coupon applicable to the
corresponding Observation Date.
Ca ll Se t t le m e nt Da t e s:
The Coupon Payment Date corresponding to that Observation Date.
Fina l St oc k Pric e :
For each Reference Stock, its closing price on the Valuation Date.
CU SI P:
78013X6U7

Per Note

Total
Price to public(1)
100.00%

$1,739,000.00
Underwriting discounts and commissions (1)
2.25%

$39,127.50
Proceeds to Royal Bank of Canada
97.75%

$1,699,872.50
(1)Certain dealers who purchased the Notes for sale to certain fee-based advisory accounts may have foregone some or all of their underwriting discount or selling concessions. The
public offering price for investors purchasing the Notes in these accounts was between $977.50 and $1,000 per $1,000 in principal amount.
The initial estimated value of the Notes as of the Trade Date is $938.42 per $1,000 in principal amount, which is less than the price to public. 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.
RBC Capital Markets, LLC, which we refer to as RBCCM, acting as agent for Royal Bank of Canada, received a commission of $22.50 per $1,000 in principal amount of the Notes and
used a portion of that commission to allow selling concessions to other dealers of up to $22.50 per $1,000 in principal amount of the Notes. The other dealers may forgo, in their sole
discretion, some or all of their selling concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.
https://www.sec.gov/Archives/edgar/data/1000275/000114036119009329/form424b2.htm[5/17/2019 1:47:45 PM]


RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada
SU M M ARY
The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement, the product prospectus
supplement, the prospectus supplement, and the prospectus.
General:
This pricing supplement relates to an offering of Auto-Callable Contingent Coupon Barrier Notes (the "Notes")
linked to the lesser performing of four equity securities (the "Reference Stocks").
Issuer:
Royal Bank of Canada ("Royal Bank")
Trade Date:
May 15, 2019
Issue Date:
May 20, 2019
Valuation Date:
May 16, 2022
Maturity Date:
May 19, 2022
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
Designated Currency:
U.S. Dollars
Contingent Coupon:
We will pay you a Contingent Coupon during the term of the Notes, periodically in arrears on each Coupon
Payment Date, under the conditions described below:

· If the closing price of e a c h Reference Stock is greater than or equal to its Coupon Barrier on the
applicable Observation Date, we will pay the Contingent Coupon applicable to that Observation Date.
· If the closing price of a ny of t he Reference Stocks is less than its Coupon Barrier on the applicable
Observation Date, we will not pay you the Contingent Coupon applicable to that Observation Date.
You may not receive a Contingent Coupon for one or more quarterly periods during the term of the Notes.
Contingent Coupon Rate:
10.00% per annum (2.50% per quarter)
Observation Dates:
Quarterly on August 15, 2019, November 15, 2019, February 18, 2020, May 15, 2020, August 17, 2020, November
16, 2020, February 16, 2021, May 17, 2021, August 16, 2021, November 15, 2021, February 15, 2022 and the
Valuation Date.
Coupon Payment Dates:
The Contingent Coupon, if applicable, will be paid quarterly on August 20, 2019, November 20, 2019, February 21,
2020, May 20, 2020, August 20, 2020, November 19, 2020, February 19, 2021, May 20, 2021, August 19, 2021,
November 18, 2021, February 18, 2022 and the Maturity Date.
Record Dates:
The record date for each Coupon Payment Date will be one business day prior to that scheduled Coupon Payment
Date; provided, however, that any Contingent Coupon payable at maturity or upon a call will be payable to the
person to whom the payment at maturity or upon the call, as the case may be, will be payable.
Call Feature:
If, st a rt ing on N ove m be r 1 5 , 2 0 1 9 and on any Observation Date thereafter, the closing price of each
Reference Stock is greater than or equal to its Initial Stock Price, then the Notes will be automatically called.
Payment if Called:
If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 principal
amount, you will receive $1,000 plus the Contingent Coupon otherwise due on that Call Settlement Date.
Call Settlement Dates:
If the Notes are called on any Observation Date starting on November 15, 2019 or thereafter, the Call Settlement
Date will be the Coupon Payment Date corresponding to that Observation Date.
Initial Stock Price:
For each Reference Stock, its closing price on the Trade Date, as specified on the cover page of this pricing
supplement.
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Final Stock Price:
For each Reference Stock, its closing price on the Valuation Date.
P-2
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada
Trigger Price and
For each Reference Stock, 50.00% of its Initial Stock Price, as specified on the cover page of this pricing
Coupon Barrier:
supplement.
Payment at Maturity (if
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price of the
not previously called and
Lesser Performing Reference Stock:
held to maturity):
· If the Final Stock Price of the Lesser Performing Reference Stock is greater than or equal to its Trigger Price,

we will pay you a cash payment equal to the principal amount plus the Contingent Coupon otherwise due on
the Maturity Date.
· If the Final Stock Price of the Lesser Performing Reference Stock is below its Trigger Price, you will receive at
maturity, for each $1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Reference Stock Return of the Lesser Performing Reference Stock)
The amount of cash that you receive will be less than your principal amount, if anything, resulting in a loss that is
proportionate to the decline of the Lesser Performing Reference Stock from the Trade Date to the Valuation Date.
Investors in the Notes will lose some or all of their principal amount if the Final Stock Price of the Lesser
Performing Reference Stock is less than its Trigger Price.
Stock Settlement:
Not applicable. Payments on the Notes will be made solely in cash.
Reference Stock Return:
With respect to each Reference Stock:
Final Stock Price ­ Initial Stock Price
Initial Stock Price
Lesser Performing
The Reference Stock with the lowest Reference Stock Return.
Reference Stock:
Market Disruption
The occurrence of a market disruption event (or a non-trading day) as to any of the Reference Stocks will result in
Events:
the postponement of an Observation Date or the Valuation Date as to that Reference Stock, as described in the
product prospectus supplement, but not to any non-affected Reference Stock.
Calculation Agent:
RBC Capital Markets, LLC ("RBCCM")
U.S. Tax Treatment:
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 Notes as a callable pre-paid cash-settled contingent income-bearing
derivative contract linked to the Reference Stocks 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 section below, "Supplemental Discussion of U.S. Federal Income Tax Consequences," and the
discussion (including the opinion of our counsel Morrison & Foerster LLP) in the product prospectus supplement
dated September 10, 2018 under "Supplemental Discussion of U.S. Federal Income Tax Consequences," which
apply to the Notes.
Secondary Market:
RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary market in the Notes after
the Issue Date. The amount that you may receive upon sale of your Notes prior to maturity may be less than the
principal amount.
Listing:
The Notes will not be listed on any securities exchange.
Settlement:
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under
"Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus dated September 7,
2018).
Terms Incorporated in
All of the terms appearing above the item captioned "Secondary Market" on the cover page and pages P-2 and P-3
https://www.sec.gov/Archives/edgar/data/1000275/000114036119009329/form424b2.htm[5/17/2019 1:47:45 PM]


the Master Note:
of this pricing supplement and the terms appearing under the caption "General Terms of the Notes" in the product
prospectus supplement dated September 10, 2018, as modified by this pricing supplement.
P-3
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada
ADDI T I ON AL T ERM S OF Y OU R N OT ES
You should read this pricing supplement together with the prospectus dated September 7, 2018, as supplemented by the prospectus
supplement dated September 7, 2018 and the product prospectus supplement dated September 10, 2018, relating to our Senior Global Medium
Term Notes, Series H, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will have the meanings
given to them in the product prospectus supplement. In the event of any conflict, this pricing supplement will control. The Notes vary from the
terms described in the product prospectus supplement in several important ways. You should read this pricing supplement carefully.
This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade
ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among
other things, the matters set forth in "Risk Factors" in the prospectus supplement dated September 7, 2018 and in the product prospectus
supplement dated September 10, 2018, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your
investment, legal, tax, accounting and other advisors before you invest in the Notes. You may access these documents on the Securities and
Exchange Commission (the "SEC") website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant
date on the SEC website):
Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Product Prospectus Supplement dated September 10, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118038091/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "we," "us," or "our" refers to Royal Bank of
Canada.
P-4
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada
H Y POT H ET I CAL EX AM PLES
The table set out below is included for illustration purposes only. The table illustrates the Payment at Maturity of the Notes (including the final Contingent
Coupon, if payable) for a hypothetical range of performance for the Lesser Performing Reference Stock, assuming the following terms and that the Notes are
not automatically called prior to maturity:
Hypothetical Initial Stock Price:
$100.00*
Hypothetical Trigger Price and Coupon Barrier:
$50.00, which is 50.00% of the hypothetical Initial Stock Price
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Contingent Coupon Rate:
10.00% per annum (or 2.50% per quarter)
Contingent Coupon Amount:
$25.00 per quarter
Observation Dates:
Quarterly
Principal Amount:
$1,000 per Note
* The hypothetical Initial Stock Price of $100 used in the examples below has been chosen for illustrative purposes only and does not represent the actual Initial Stock
Price of any Reference Stock. The actual Initial Stock Price for each Reference Stock is set forth on the cover page of this pricing supplement. We make no
representation or warranty as to which of the Reference Stocks will be the Lesser Performing Reference Stock. It is possible that the Final Stock Price of each
Reference Stock will be less than its Initial Stock Price.
Hypothetical Final Stock Prices are shown in the first column on the left. The second column shows the Payment at Maturity for a range of Final Stock
Prices on the Valuation Date. The third column shows the amount of cash to be paid on the Notes per $1,000 in principal amount. If the Notes are called
prior to maturity, the hypothetical examples below will not be relevant, and you will receive on the applicable Coupon Payment Date, for each $1,000
principal amount, $1,000 plus the Contingent Coupon otherwise due on the Notes.
H ypot he t ic a l Fina l St oc k Pric e
of
t he Le sse r Pe rform ing
Pa ym e nt a t M a t urit y a s
Ca sh Pa ym e nt Am ount pe r
Re fe re nc e St oc k
Pe rc e nt a ge of Princ ipa l Am ount
$ 1 ,0 0 0 in Princ ipa l Am ount
$180.00
102.50%*
$1,025.00*
$170.00
102.50%*
$1,025.00*
$160.00
102.50%*
$1,025.00*
$150.00
102.50%*
$1,025.00*
$140.00
102.50%*
$1,025.00*
$125.00
102.50%*
$1,025.00*
$120.00
102.50%*
$1,025.00*
$110.00
102.50%*
$1,025.00*
$100.00
102.50%*
$1,025.00*
$90.00
102.50%*
$1,025.00*
$80.00
102.50%*
$1,025.00*
$60.00
102.50%*
$1,025.00*
$50.00
102.50%*
$1,025.00*
$49.99
49.99%
$499.90
$40.00
40.00%
$400.00
$30.00
30.00%
$300.00
$20.00
20.00%
$200.00
$10.00
10.00%
$100.00
$0.00
0%
$0.00
* Including the final Contingent Coupon, if payable.
P-5
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada
H ypot he t ic a l Ex a m ple s of Am ount s Pa ya ble a t M a t urit y
The following hypothetical examples illustrate how the payments at maturity set forth in the table above are calculated, assuming the Notes have
not been called.
Ex a m ple 1 : T he pric e of t he Le sse r Pe rform ing Re fe re nc e St oc k inc re a se s by 2 5 % from t he I nit ia l St oc k Pric e of
$ 1 0 0 .0 0 t o it s Fina l St oc k Pric e of $ 1 2 5 .0 0 . Because the Final Stock Price of the Lesser Performing Reference Stock is greater than
its Trigger Price and its Coupon Barrier, the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes,
https://www.sec.gov/Archives/edgar/data/1000275/000114036119009329/form424b2.htm[5/17/2019 1:47:45 PM]


a cash payment of $1,000 per Note, despite the 25% appreciation in the price of the Lesser Performing Reference Stock.
Ex a m ple 2 : T he pric e of t he Le sse r Pe rform ing Re fe re nc e St oc k de c re a se s by 1 0 % from t he I nit ia l St oc k Pric e of
$ 1 0 0 .0 0 t o it s Fina l St oc k Pric e of $ 9 0 .0 0 . Because the Final Stock Price of the Lesser Performing Reference Stock is greater than its
Trigger Price and its Coupon Barrier, the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a
cash payment of $1,000 per Note, despite the 10% decline in the price of the Lesser Performing Reference Stock.
Ex a m ple 3 : T he pric e of t he Le sse r Pe rform ing Re fe re nc e St oc k is $ 4 0 .0 0 on t he V a lua t ion Da t e , w hic h is le ss t ha n
it s T rigge r Pric e a nd Coupon Ba rrie r . Because the Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger
Price and its Coupon Barrier, the final Contingent Coupon will not be payable on the Maturity Date, and we will pay only $400.00 for each
$1,000 in the principal amount of the Notes, calculated as follows:
Principal Amount + (Principal Amount x Reference Stock Return of the Lesser Performing Reference Stock)
= $1,000 + ($1,000 x -60.00%) = $1,000 - $600.00 = $400.00
* * *
The Payments at Maturity shown above are entirely hypothetical; they are based on prices of the Reference Stocks that may not be achieved on
the Valuation Date and on assumptions that may prove to be erroneous. The actual market value of your Notes on the Maturity Date or at any
other time, including any time you may wish to sell your Notes, may bear little relation to the hypothetical Payments at Maturity shown above,
and those amounts should not be viewed as an indication of the financial return on an investment in the Notes.
P-6
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada
SELECT ED RI SK CON SI DERAT I ON S
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Reference Stocks. These
risks are explained in more detail in the section "Risk Factors" in the product prospectus supplement. In addition to the risks described in the
prospectus supplement and the product prospectus supplement, you should consider the following:
·
Princ ipa l a t Risk -- Investors in the Notes could lose all or a substantial portion of their principal amount if there is a decline in the
trading price of the Lesser Performing Reference Stock between the Trade Date and the Valuation Date. If the Notes are not
automatically called and the Final Stock Price of the Lesser Performing Reference Stock on the Valuation Date is less than its Trigger
Price, the amount of cash that you receive at maturity will represent a loss of your principal that is proportionate to the decline in the
closing price of the Lesser Performing Reference Stock from the Trade Date to the Valuation Date. Any Contingent Coupons received
on the Notes prior to the Maturity Date may not be sufficient to compensate for any such loss.
·
T he N ot e s Are Subje c t t o a n Aut om a t ic Ca ll -- If on any Observation Date on or after November 15, 2019, the closing price
of each Reference Stock is greater than or equal to its Initial Stock Price, then the Notes will be automatically called. If the Notes are
automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you will receive $1,000 plus the
Contingent Coupon otherwise due on the applicable Call Settlement Date. You will not receive any Contingent Coupons after the Call
Settlement Date. You may be unable to reinvest your proceeds from the automatic call in an investment with a return that is as high as
the return on the Notes would have been if they had not been called.
·
Y ou M a y N ot Re c e ive Any Cont inge nt Coupons -- We will not necessarily make any coupon payments on the Notes. If the
closing price of any of the Reference Stocks on an Observation Date is less than its Coupon Barrier, we will not pay you the Contingent
Coupon applicable to that Observation Date. If the closing price of any of the Reference Stocks is less than its Coupon Barrier on each
of the Observation Dates and on the Valuation Date, we will not pay you any Contingent Coupons during the term of, and you will not
receive a positive return on your Notes. Generally, this non-payment of the Contingent Coupon coincides with a period of greater risk of
principal loss on your Notes. Accordingly, if we do not pay the Contingent Coupon on the Maturity Date, you will also incur a loss of
principal, because the Final Stock Price of the Lesser Performing Reference Stock will be less than its Trigger Price.
·
T he N ot e s Are Link e d t o t he Le sse r Pe rform ing Re fe re nc e St oc k , Eve n if t he Ot he r Re fe re nc e St oc k s Pe rform
Be t t e r -- If any of the Reference Stocks has a Final Stock Price that is less than its Trigger Price, your return will be linked to the
lesser performing of the four Reference Stocks. Even if the Final Stock Prices of the other Reference Stocks have increased compared
to their respective Initial Stock Prices, or have experienced a decrease that is less than that of the Lesser Performing Reference Stock,
your return will only be determined by reference to the performance of the Lesser Performing Reference Stock, regardless of the
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performance of the other Reference Stocks. Because each Reference Stock Issuer operates in the technology industry, they may each
experience simultaneous and significant declines due to adverse conditions in that industry.
·
Y our Pa ym e nt on t he N ot e s Will Be De t e rm ine d by Re fe re nc e t o Ea c h Re fe re nc e St oc k I ndividua lly, N ot t o a
Ba sk e t , a nd t he Pa ym e nt a t M a t urit y Will Be Ba se d on t he Pe rform a nc e of t he Le sse r Pe rform ing Re fe re nc e
St oc k -- The Payment at Maturity will be determined only by reference to the performance of the Lesser Performing Reference Stock,
regardless of the performance of the other Reference Stocks. The Notes are not linked to a weighted basket, in which the risk may be
mitigated and diversified among each of the basket components. For example, in the case of notes linked to a weighted basket, the
return would depend on the weighted aggregate performance of the basket components reflected as the basket return. As a result, the
depreciation of one basket component could be mitigated by the appreciation of the other basket components, as scaled by the
weighting of that basket component. However, in the case of the Notes, the individual performance of each of the Reference Stocks
would not be combined, and the depreciation of one Reference Stock would not be mitigated by any appreciation of the other
Reference Stocks. Instead, your return will depend solely on the Final Stock Price of the Lesser Performing Reference Stock.
·
T he Ca ll Fe a t ure a nd t he Cont inge nt Coupon Fe a t ure Lim it Y our Pot e nt ia l Re t urn -- The return potential of the
Notes is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the Reference Stocks. In addition, the
total return on the Notes will vary based on the number of Observation Dates on which the Contingent Coupon becomes payable prior
to maturity or an automatic call. Further, if the Notes are called due to the Call Feature, you will not receive any Contingent Coupons or
any other payment in respect of any Observation Dates after the applicable Call Settlement Date. Since the Notes could be called as
early as November 15, 2019, the total return on the Notes could be minimal. If the Notes are not called, you may be subject to the full
downside performance of the Lesser Performing Reference Stock even though your
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potential return is limited to the Contingent Coupon Rate. As a result, the return on an investment in the Notes could be less than the
return on a direct investment in the Reference Stocks.
·
Y our Re t urn M a y Be Low e r t ha n t he Re t urn on a Conve nt iona l De bt Se c urit y of Com pa ra ble M a t urit y -- The
return that you will receive on the Notes, which could be negative, may be less than the return you could earn on other investments.
Even if your return is positive, your return may be less than the return you would earn if you bought a conventional senior interest
bearing debt security of Royal Bank.
·
Pa ym e nt s on t he N ot e s Are Subje c t t o Our Cre dit Risk , a nd Cha nge s in Our Cre dit Ra t ings Are Ex pe c t e d t o
Affe c t t he M a rk e t V a lue of t he N ot e s -- The Notes are our senior unsecured debt securities. As a result, your receipt of any
Contingent Coupons, if payable, and the amount due on any relevant payment date is dependent upon our ability to repay its
obligations on the applicable payment dates. This will be the case even if the prices of the Reference Stocks increase after the Trade
Date. No assurance can be given as to what our financial condition will be during the term of the Notes.
·
T he re M a y N ot Be a n Ac t ive T ra ding M a rk e t for t he N ot e s-Sa le s in t he Se c onda ry M a rk e t M a y Re sult in
Signific a nt Losse s -- There may be little or no secondary market for the Notes. The Notes will not be listed on any securities
exchange. RBCCM and our other affiliates may make a market for the Notes; however, they are not required to do so. RBCCM or any
other affiliate of ours may stop any market-making activities at any time. Even if a secondary market for the Notes develops, it may not
provide significant liquidity or trade at prices advantageous to you. 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.
·
T he 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 Pric e t o t he Public -- The initial estimated value that is set
forth on the cover page of this pricing supplement does not represent a minimum price at which we, RBCCM or any of our affiliates
would be willing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sell the Notes prior to
maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is due to, among other
things, changes in the prices of the Reference Stocks, the borrowing rate we pay to issue securities of this kind, and the inclusion in the
price to the public of the underwriting discount and the estimated costs relating to our hedging of the Notes. These factors, together
with various credit, market and economic factors over the term of the Notes, 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. 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 your original purchase price, as any such sale price would not be expected to include the underwriting discount and
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the hedging costs relating to the Notes. In addition to bid-ask spreads, the value of the Notes determined by RBCCM for any secondary
market price is expected to be based on the secondary rate rather than the internal funding rate used to price the Notes and determine
the initial estimated value. As a result, the secondary price will be less than if the internal funding rate was used. 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 on t he Cove r Pa ge of t his Pric ing Supple m e nt 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 -- The 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 credit spreads, expectations
as to dividends, 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 the initial estimated value of your Notes.
·
M a rk e t Disrupt ion Eve nt s a nd Adjust m e nt s -- The payment at maturity, each Observation Date and the Valuation Date are
subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market disruption
event as well as the consequences of that market disruption event, see "General Terms of the Notes--Market Disruption Events" in the
product prospectus supplement.
·
Our Busine ss Ac t ivit ie s M a y Cre a t e Conflic t s of I nt e re st -- We and our affiliates expect to engage in trading activities
related to the Reference Stocks that are not for the account of holders of the Notes or on their behalf. These trading activities may
present a conflict between the holders' interests in the Notes and the interests we and our affiliates will have in their
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proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for their customers and in
accounts under their management. These trading activities, if they influence the share price of the Reference Stocks, could be adverse
to the interests of the holders of the Notes. We and one or more of our affiliates may, at present or in the future, engage in business
with the Reference Stock Issuers, including making loans to or providing advisory services. These services could include investment
banking and merger and acquisition advisory services. These activities may present a conflict between our or one or more of our
affiliates' obligations and your interests as a holder of the Notes. Moreover, we and our affiliates may have published, and in the future
expect to publish, research reports with respect to the Reference Stocks. This research is modified from time to time without notice and
may express opinions or provide recommendations that are inconsistent with purchasing or holding the Notes. Any of these activities by
us or one or more of our affiliates may affect the share price of the Reference Stocks, and, therefore, the market value of the Notes.
·
Ow ning t he N ot e s I s N ot t he Sa m e a s Ow ning t he Re fe re nc e St oc k s -- The return on your Notes is unlikely to reflect
the return you would realize if you actually owned shares of the Reference Stocks. For instance, you will not receive or be entitled to
receive any dividend payments or other distributions on these securities during the term of your Notes. As an owner of the Notes, you
will not have voting rights or any other rights that holders of these securities may have. Furthermore, the Reference Stocks may
appreciate substantially during the term of the Notes, while your potential return will be limited to the applicable Contingent Coupon
payments.
·
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 Re fe re nc e St oc k s -- In
the ordinary course of their business, our affiliates may have expressed views on expected movements in the Reference Stocks, and
may do so in the future. These views or reports may be communicated to our clients and clients of our affiliates. However, these views
are subject to change from time to time. Moreover, other professionals who transact business in markets relating to any Reference
Stock may at any time have significantly different views from those of our affiliates. For these reasons, you are encouraged to derive
information concerning the Reference Stocks from multiple sources, and you should not rely solely on views expressed by our affiliates.
·
T he re I s N o Affilia t ion Be t w e e n t he Re fe re nc e St oc k I ssue rs a nd RBCCM , a nd RBCCM I s N ot Re sponsible for
a ny Disc losure by t he Re fe re nc e St oc k I ssue rs -- We are not affiliated with the Reference Stock Issuers. However, we and
our affiliates may currently, or from time to time in the future engage, in business with any Reference Stock Issuer. Nevertheless,
neither we nor our affiliates assume any responsibilities for the accuracy or the completeness of any information that any other
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company prepares. You, as an investor in the Notes, should make your own investigation into the Reference Stocks.
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Royal Bank of Canada
I N FORM AT I ON REGARDI N G T H E REFEREN CE ST OCK I SSU ERS
The Reference Stocks are registered under the Securities Exchange Act of 1934 (the "Exchange Act"). Companies with securities registered
under that Act are required to file periodically certain financial and other information specified by the SEC. Information provided to or filed with
the SEC can be inspected and copied at the public reference facilities maintained by the SEC or through the SEC's website at www.sec.gov. In
addition, information regarding the Reference Stocks may be obtained from other sources including, but not limited to, press releases,
newspaper articles and other publicly disseminated documents.
The following information regarding the Reference Stock Issuers is derived from publicly available information.
We have not independently verified the accuracy or completeness of reports filed by the Reference Stock Issuers with the SEC, information
published by it on its website or in any other format, information about it obtained from any other source or the information provided below.
We obtained the information regarding the historical performance of the Reference Stocks set forth below from Bloomberg Financial Markets.
We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Financial Markets. The historical
performance of the Reference Stocks should not be taken as an indication of their future performance, and no assurance can be given as to the
market prices of any Reference Stock at any time during the term of the Notes. We cannot give you assurance that the performance of any
Reference Stock will not result in the loss of all or part of your investment.
Am a zon.c om , I nc . ("AM Z N ")
Amazon.com, Inc. is an online retailer that offers a wide range of products, including: books, music, videotapes, computers, electronics, home
and garden, and numerous other products. The company offers personalized shopping services, web-based credit card payment, and direct
shipping to customers.
The company's common stock is listed on the Nasdaq Global Select Market under the ticker symbol "AMZN."
Fa c e book , I nc . ("FB")
Facebook, Inc. operates a social networking website. The company's website allows people to communicate with their family, friends, and co-
workers. The company develops technologies that facilitate the sharing of information, photographs, website links, and videos.
The company's Class A common stock is listed on the Nasdaq Global Select Market under the ticker symbol "FB."
Alpha be t I nc . ("GOOGL")
Alphabet, Inc. operates as a holding company and is the parent company of Google Inc. ("Google"), The company, through its subsidiaries,
provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions,
commerce, and hardware products.
The company's Class A common stock is listed on the Nasdaq Global Select Market under the ticker symbol "GOOGL."
N e t flix I nc . ("N FLX ")
Netflix Inc. is an online movie rental service. The company ships DVDs with no due dates or late fees, directly to the subscriber's address.
Netflix also provides background information on DVD releases, including critic reviews, member reviews and ratings, and personalized movie
recommendations.
The company's common stock is listed on the Nasdaq Global Select Market under the ticker symbol "NFLX."
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Linked to the Lesser Performing of Four
Equity Securities
Royal Bank of Canada
H I ST ORI CAL I N FORM AT I ON
The graphs below set forth the information relating to the historical performance of the Reference Stocks. We obtained the
information regarding the historical performance of the Reference Stocks in the graphs below from Bloomberg Financial Markets.
We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
The historical performance of any Reference Stock should not be taken as an indication of its future performance, and no
assurance can be given as to the prices of the Reference Stocks at any time. We cannot give you assurance that the performance
of the Reference Stocks will not result in the loss of all or part of your investment.
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Equity Securities
Royal Bank of Canada
H ist oric a l I nform a t ion for Am a zon.c om , I nc . ("AM Z N ")
The graph below illustrates the performance of this Reference Stock from January 1, 2009 to May 15, 2019, reflecting its Initial Stock Price of
$1,871.15. The red line represents its Coupon Barrier and Trigger Price of $935.58, which is equal to 50.00% of its Initial Stock Price, rounded
to two decimal places.
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