Obbligazione Royal Bank of Canada 0% ( US78013GTK12 ) in USD

Royal Bank of Canada

100 USD ▼

Canada

US78013GTK12 ( in USD )

0%

29/11/2024 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78013GTK12 in USD 0%, scaduta

1 000 USD

278 000 USD

78013GTK1

N/A

NR

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 Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78013GTK12, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 29/11/2024

The Obbligazione issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78013GTK12, was rated NR by Moody's credit rating agency.

11/28/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119021624/form424b2.htm
424B2 1 form424b2.htm GLOBAL TACTICAL 78013GTK1
RBC Capital Markets®
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001

Pricing Supplement
$278,000
Dated November 25, 2019
Rules Based Investment Securities

Linked to
To the Prospectus Supplement and Prospectus Each Dated
the RBC Global Tactical Equity Total
September 7, 2018
Return
Index, due November 29, 2024
Royal Bank of Canada

Royal Bank of Canada is offering the Rules Based Investment Securities (the "Notes") linked to the performance of the RBC Global Tactical
Equity Total Return Index (the "Index").
The CUSIP number for the Notes is 78013GTK1. The Notes do not pay interest.
The Notes provide a return based upon the performance of Index, as reflected in the Indicative Note Value (as defined below). The Index is a
proprietary index based on four sub-indices, each of which is al ocated on a monthly basis to either (a) a futures contract on a specific equity
index and the federal funds (effective) rate or (b) only the federal funds (effective) rate, as described in more detail below.
The Indicative Note Value, which wil initial y be $970 for each $1,000 in principal amount of the Notes, wil be reduced on a daily basis based
upon an Index Adjustment Factor based on a rate of 0.65% per annum. As a result, in order for you to receive a payment on the maturity date
that is greater than or equal to the principal amount, the level of the Index must increase from the Trade Date to the Valuation Date by an
amount that is sufficient to offset the impact of the initial Indicative Note Value being less than the principal amount and the Index Adjustment
Factor. You may lose al or a substantial portion of the principal amount.
Any payments on the Notes are subject to our credit risk.
Issue Date: November 29, 2019 Maturity Date: November 29, 2024
The Notes wil not be listed on any securities exchange.
Investing in the Notes involves a number of risks. Please see "Risk Factors" on page P-11 of this pricing supplement and on page S-1 of the prospectus
supplement.
The Notes wil 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 these securities or determined
that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.
Per Note
Total
Price to public(1)(2)
100.00%
$278,000
Underwriting discounts and commissions(1)(2)
3.00%
$8,340
Proceeds to Royal Bank of Canada
97.00%
$269,660
(1) RBC Capital Markets, LLC ("RBCCM"), acting as our agent, wil receive a commission on the issue date in connection with the sale of the
Notes equal to 3.00% of the principal amount, and wil use a portion of that commission to al ow sel ing concessions to other dealers of up to that
amount. In addition, RBCCM wil receive from us the amounts generated from the deduction of the Index Adjustment Factor from the Indicative
Note Value (as defined below) to cover ongoing payments as a structuring fee for developing the Notes. See "Supplemental Plan of Distribution
(Conflicts of Interest)" below.
(2) Certain dealers who purchased the Notes for sale to certain fee-based advisory accounts may have foregone some or al of their underwriting
discount or sel ing concessions. The public offering price for investors purchasing the Notes in these accounts was between $970 and $1,000
per $1,000 in principal amount.
The initial estimated value of the Notes as of the Trade Date is $970 for each $1,000 in principal amount, which was less than the price to public. The
actual value of the Notes at any time wil 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
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Notes Linked to the RBC Global Tactical
Equity Total Return Index
SUMMARY
The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement,
the prospectus supplement and the prospectus.

Issuer:
Royal Bank of Canada ("Royal Bank")

Underwriter:
RBC Capital Markets, LLC ("RBCCM")

Index:
RBC Global Tactical Equity Total Return Index
The Index is a proprietary index based on four sub-indices (each, a "Sub-Index"). Each Sub-
Index is al ocated on a monthly basis to either (a) a futures contract (each, a "Relevant
Futures Contract") on a specific equity index and the Federal Funds (Effective) Rate or (b)
only the Federal Funds (Effective) Rate, as described in more detail below.
The Relevant Futures Contracts are linked to:
· the S&P 500® Index (the "SPX");
· the Russel 2000® Index (the "RTY");
· the MSCI EAFE Index (the "MXEA"); and
· the MSCI Emerging Markets Index (the "MXEF").
We refer to these indices as the Underlying Indices.
Each Sub-Index wil be al ocated on a monthly basis, depending upon the "Tactical Trigger"
that is included in the index methodology. The Tactical Trigger compares the current closing
price of an exchange traded fund ("ETF") linked to the applicable Underlying Index to the
average of the ETF's closing price over a specified trading period (the "Moving Average," as
described below). If the current closing price is higher than the Moving Average, then the
Sub-Index wil be al ocated to the Relevant Futures Contract and the Federal Funds (Effective)
Rate. If the current closing price is lower than the Moving Average, then the Sub-Index wil be
al ocated only to the Federal Funds (Effective) Rate.
The Index was developed by RBC Capital Markets, and Solactive AG is the Index Calculation
Agent.
For more detailed information about the Index, please see the section below, "The RBC Global
Tactical Equity Total Return Index."

Bloomberg Ticker:
RBCEGTUT

Currency:
U.S. Dol ars

Minimum
$5,000 and minimum denominations of $1,000 in excess thereof
Investment:

Trade Date:
November 25, 2019

Issue Date:
November 29, 2019

Valuation Date:
November 25, 2024

Maturity Date:
November 29, 2024

Interest Payments:
None.
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Notes Linked to the RBC Global Tactical
Equity Total Return Index

Payment at Maturity On the maturity date, for each $1,000 in principal amount of the Notes that you hold, you wil
(if held to maturity):
receive an amount equal to the Indicative Note Value (as defined below).
Due to the Index Adjustment Factor described below, and because the initial Indicative Note
Value wil be less than the principal amount, as described below, you wil only receive a
positive return on your investment if the level of the Index increases from the Trade Date to the
Valuation Date by a percentage that is sufficient to offset the impact of the Index Adjustment
Factor. Particularly if the level of the Index decreases, you may lose al or substantial y al of
the principal amount of the Notes.

Indicative Note
For each $1,000 in principal amount of the Notes, the Indicative Note Value wil be set on the
Value:
Trade Date to an amount equal to $1,000 multiplied by the Participation Rate, which equals
$970. Accordingly, the initial Indicative Note Value wil be less than the principal amount.
On each Index Trading Day (as defined below) thereafter on which a Market Disruption Event
(as defined below) does not occur or is not continuing, the Indicative Note Value wil equal:
[Indicative Note Value on Prior Index Trading Day x (1 + Index Factor)] x (1 Index
Adjustment Factor)

Participation Rate:
97%

Index Factor:
On any Index Trading Day, the Index Factor wil be equal to:
Closing Level of Index Closing Level of Index on Prior Index Trading Day
Closing Level of Index on Prior Index Trading Day

Index Adjustment
On any Index Trading Day after the Trade Date on which a Market Disruption Event does not
Factor:
occur or is not continuing, 0.65% multiplied by (a) the number of calendar days elapsed since
the most recent Index Trading Day divided by (b) 365 (366 in a leap year).

Initial Level:
186.9354, which was the closing level of the Index on the Trade Date.

Final Level:
The closing level of the Index on the Valuation Date.

Early: Redemption:
The Notes wil not be redeemable at our option or at the option of any holders, except under
the limited circumstances described below under the caption "Additional Terms of the Notes--
Unavailability of the Level of the Index" and "--Hedging Disruption Events."

Principal at Risk:
The Notes are NOT principal protected. You may lose all or a substantial portion of your
principal amount at maturity.

Calculation Agent:
RBCCM is the Calculation Agent for the Notes, and wil make al determinations as to the
Indicative Note Value and any payments on the Notes.

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 pre-paid
cash-settled derivative contracts 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."
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Notes Linked to the RBC Global Tactical
Equity Total Return Index

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 and/or the Indicative
Note Value of your Notes.

Listing:
The Notes wil not be listed on any securities exchange.

Clearance and
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg
Settlement:
as described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in
the prospectus).

Terms Incorporated inAl of the terms appearing above the item captioned "Secondary Market" on the cover page
the Master Note:
and pages P-2 and P-3 of this pricing supplement.
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Notes Linked to the RBC Global Tactical
Equity Total Return Index
Hypothetical Examples of the Payment at Maturity
The fol owing examples il ustrate how the Notes would perform in a variety of hypothetical circumstances. The payment on
the Notes at maturity wil depend upon the Indicative Note Value on the Valuation Date. However, the Indicative Note
Value is expected to change on each Index Trading Day during the term of the Notes, due to changes in the level of the
Index and the impact of the Index Adjustment Factor. The impact of the Index Adjustment Factor wil be greater on any
Index Trading Day on which the level of the Index is higher, and the impact of the Index Adjustment Factor wil be lower on
any Index Trading Day on which the level of the Index is lower. Accordingly, the aggregate impact of the Index
Adjustment Factor on the Notes over their term cannot be known until the maturity date.
The figures set forth in the examples below are for purposes of il ustration only (including as to the periods of time that wil
have elapsed after the Trade Date) and are not actual historical results. For information relating to the historical
performance of the Index, please see the discussion below, in the section below, "The RBC Global Tactical Equity Total
Return Index."
The hypothetical Initial Level of 100.00 set forth below is not the actual Initial Level of the Index. The actual Initial Level of
the Index is set forth in the "Summary" section above. In addition, each of these examples assumes that the Index wil
increase or decrease at a steady rate over each relevant year, which we do not expect to occur.
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Notes Linked to the RBC Global Tactical
Equity Total Return Index
Example 1. This example assumes that the Index has increased steadily by 2% each year.
Year of Notes
Index Level
Percentage
Indicative
Cumulative
Percentage
Payment at
Change in
Note Value
Amount
Change in
Maturity
Level of the
Deducted
Indicative Note
Index
per $1,000
Value
in Principal
Amount
Trade Date
100.00
N/A
$970
N/A
N/A

1
102.00
2.00%
$982.97
$37.03
1.34%

2
104.04
2.00%
$996.11
$44.29
1.34%

3
106.12
2.00%
$1,009.43
$51.78
1.34%

4
108.24
2.00%
$1,022.93
$59.51
1.34%

5
110.41
2.00%
$1,036.60
$67.48
1.34%
$1,036.60

In this example, the payment at maturity would be $1,036.60 per $1,000 in principal amount of the Notes, a return of 3.7%,
even though the level of the Index has increased by 10.4% from the Initial Level to the Final Level.
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Notes Linked to the RBC Global Tactical
Equity Total Return Index
Example 2. This example assumes that the Index has decreased steadily by 2% each year.
Year of Notes
Index Level
Percentage
Indicative
Cumulative
Percentage
Payment at
Change in
Note Value
Amount
Change in
Maturity
Level of the
Deducted
Indicative Note
Index
per $1,000
Value
in Principal
Amount
Trade Date
100.00
N/A
$970.00
N/A
N/A

1
98.00
-2.00%
$944.42
$35.58
-2.64%

2
96.04
-2.00%
$919.52
$40.88
-2.64%

3
94.12
-2.00%
$895.27
$45.92
-2.64%

4
92.24
-2.00%
$871.66
$50.71
-2.64%

5
90.39
-2.00%
$848.68
$55.25
-2.64%
$848.68

In this example, the payment at maturity would be $848.68 per $1,000 in principal amount of the Notes, a return of -15.1%. This return is
less than the decrease of -9.6% in the level of the Index from the Initial Level to the Final Level.
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Notes Linked to the RBC Global Tactical
Equity Total Return Index
Example 3. This example assumes that the level of the Index is unchanged during the term of the Notes, and il ustrates
the cumulative impact of the Index Adjustment Factor.
Year of Notes
Index Level
Percentage
Indicative
Cumulative
Percentage
Payment at
Change in
Note Value
Amount
Change in
Maturity
Level of the
Deducted
Indicative Note
Index
per $1,000
Value
in Principal
Amount
Trade Date
100.00
N/A
$970.00
N/A
N/A

1
100.00
0.00%
$963.70
$36.30
-0.65%

2
100.00
0.00%
$957.43
$42.57
-0.65%

3
100.00
0.00%
$951.21
$48.79
-0.65%

4
100.00
0.00%
$945.02
$54.98
-0.65%

5
100.00
0.00%
$938.88
$61.12
-0.65%
$938.88

In this example, the payment at maturity would be $938.88 per $1,000 in principal amount of the Notes, a return of -6.1%.
This return is negative, even though the level of the Index was unchanged during the term of the Notes.
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Notes Linked to the RBC Global Tactical
Equity Total Return Index
Example 4. This example assumes that the Index has increased steadily by 2% each year during the first 2.5 years of the
term of the Notes, prior to decreasing steadily by 2% each year during the final 2.5 years of the term of the Notes.
Year of Notes
Index Level
Percentage
Indicative
Cumulative
Percentage
Payment at
Change in
Note Value
Amount
Change in
Maturity
Level of the
Deducted
Indicative Note
Index
per $1,000
Value
in Principal
Amount
Trade Date
100.00
N/A
$970.00
N/A
N/A

1
102.00
2.00%
$982.97
$37.03
1.34%

2
104.04
2.00%
$996.11
$44.29
1.34%

2 to 2.5
105.08
1.00%
$1,002.80
$48.00
0.67%

2.5 to 3
104.03
-1.00%
$989.55
$50.75
-1.32%

4
101.95
-2.00%
$963.45
$56.04
-2.64%

5
99.91
-2.00%
$938.05
$61.05
-2.64%
$938.05

In this example, the payment at maturity would be $938.05 per $1,000 in principal amount of the Notes, a return of -6.2%.
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Notes Linked to the RBC Global Tactical
Equity Total Return Index
Example 5. This example assumes that the Index has decreased steadily by 2% each year during the first 2.5 years of
the term of the Notes, prior to increasing steadily by 2% each year during the final 2.5 years of the term of the Notes.
Year of Notes
Index Level
Percentage
Indicative
Cumulative
Percentage
Payment at
Change in
Note Value
Amount
Change in
Maturity
Level of the
Deducted
Indicative Note
Index
per $1,000
Value
in Principal
Amount
Trade Date
100.00
N/A
$970.00
N/A
N/A

1
98.00
-2.00%
$944.42
$35.58
-2.64%

2
96.04
-2.00%
$919.52
$40.88
-2.64%

2 to 2.5
95.08
-1.00%
$907.36
$43.43
-1.32%

2.5 to 3
96.03
1.00%
$913.46
$46.85
0.67%

4
97.95
2.00%
$925.67
$53.84
1.34%

5
99.91
2.00%
$938.05
$61.05
1.34%
$938.05

In this example, the payment at maturity would be $938.05 per $1,000 in principal amount of the Notes, a return of -6.2%.
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