Obbligazione Royal Bank of Canada 0% ( US78014K6001 ) in USD

Emittente Royal Bank of Canada
Prezzo di mercato 100 USD  ⇌ 
Paese  Canada
Codice isin  US78014K6001 ( in USD )
Tasso d'interesse 0%
Scadenza 05/04/2022 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78014K6001 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 1 372 000 USD
Cusip 78014K600
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 Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78014K6001, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 05/04/2022







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424B2 1 form424b2.htm MSELN431 TRIGGER JUMP (SX5E) 78014K600
March 2020
MSELN-431-C
Registration Statement No. 333-227001
Pricing Supplement
Dated March 13, 2020
Filed Pursuant to Rule 424(b)(2)
STRUCTURED INVESTMENTS
Opportunities in International Equities
$1,372,100 Trigger Jump Securities Based on the Performance of the EURO STOXX
50® Index due April 5, 2022
Principal at Risk Securities
The Trigger Jump Securities (the "securities") are senior unsecured obligations of Royal Bank of Canada, do not pay interest, do not guarantee any return
of principal at maturity and have the terms described in the accompanying prospectus supplement and prospectus, as supplemented or modified by this
document. At maturity, if the level of the underlying index has not decreased, investors wil receive the stated principal amount of their investment plus a
positive return equal to the greater of (1) the digital return and (2) the underlying index return. If the level of the underlying index has decreased, but not
by more than 10%, investors wil receive the principal amount. However, if the level of the underlying index has decreased by more than 10%, investors
wil lose 1% of the stated principal amount for every 1% decrease in the final index level from the initial index level. These securities are for investors
who seek an equity index-based return and who are wil ing to risk their principal and forgo current income in exchange for the potential benefit of the
digital return. Investors may lose their entire initial investment in the securities. The securities are senior notes issued as part of Royal Bank of
Canada's Global Medium-Term Notes, Series H program. Al payments on the securities are subject to the credit risk of Royal Bank of Canada.
FINAL TERMS
Issuer:
Royal Bank of Canada
Underlying index:
EURO STOXX 50® Index (the "SX5E")
Aggregate principal amount:
$1,372,100
Stated principal amount:
$10 per security
Issue price:
$10 per security
Pricing date:
March 13, 2020
Issue date:
March 18, 2020
Valuation date:
March 31, 2022, subject to adjustment for non-trading days and certain market disruption events
Maturity date:
April 5, 2022
Payment at maturity:
· If the final index level is greater than or equal to the initial index level,
$10 + the product of (a) $10 and (b) greater of (1) the digital return and (2) the underlying index return
· If the final index level is less than the initial index level but is greater than or equal to the trigger level, you wil
receive the principal amount
· If the final index level is less than the trigger level,
$10 + ($10 × underlying index return)
Under these circumstances, the payment at maturity wil be less than $9.00. You wil lose at least 10% and possibly
al of the stated principal amount if the final index level is less than the trigger level.
Digital return:
24.00%
Underlying index return:
(final index level ­ initial index level) / initial index level
Trigger level:
2,327.42, which is 90% of the initial index level (rounded to two decimal places)
Initial index level:
2,586.02, which was the closing level of the underlying index on the pricing date
Final index level:
The closing level of the underlying index on the valuation date
CUSIP / ISIN:
78014K600 / US78014K6001
Listing:
The securities wil not be listed on any securities exchange.
Agent:
RBC Capital Markets, LLC ("RBCCM").
Commissions and issue price:
Price to public
Agent's commissions
Proceeds to issuer
Per security
$10.00
$0.20(1)
$0.05(2)
$9.75
Total
$1,372,100
$27,442
$1,337,797.50
$6,860.50
(1)
RBCCM, acting as agent for Royal Bank of Canada, wil receive a fee of $0.25 per $10 stated principal amount and wil pay to Morgan Stanley Wealth Management
("MSWM") a fixed sales commission of $0.20 for each security that MSWM sel s. See "Supplemental Information Regarding Plan of Distribution; Conflicts of Interest."
(2)
Of the amount per $10 stated principal amount received by RBCCM, acting as agent for Royal Bank of Canada, RBCCM wil pay MSWM a structuring fee of $0.05 for
each security.
The initial estimated value of the securities as of the date of this document is $9.4703 per $10.00 security, which is less than the price to public. The
market value of the securities at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount.
An investment in the securities involves certain risks. See "Risk Factors" beginning on page 7 of this document, page S-1 of the accompanying
prospectus supplement and page 1 of the prospectus.
You should read this document together with the related prospectus supplement and prospectus,
each of which can be accessed via the hyperlinks below, before you decide to invest.
Prospectus Supplement dated September 7, 2018
Prospectus dated September 7, 2018
The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this
document or the accompanying prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The securities 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 securities are not subject to conversion into our common shares under subsection
39.2(2.3) of the Canada Deposit Insurance Corporation Act.
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Principal at Risk Securities
Investment Summary
Trigger Jump Securities
Principal at Risk Securities
The Trigger Jump Securities Based on the Performance of the EURO STOXX 50® Index due April 5, 2022 (the
"securities") can be used:
As an alternative to direct exposure to the underlying index that provides a minimum positive return of 24.00% if
the underlying index has not decreased from the pricing date to the valuation date, and offers an uncapped 1-to-1
participation in any increase in the level of the underlying index if its level has increased by more than 24.00%.
To receive the principal amount if the underlying index decreases by no more than 10%.
To enhance returns and potential y outperform the underlying index in a moderately bul ish or moderately bearish
scenario.
The securities are exposed on a 1:1 basis to the ful negative performance of the underlying index if the final index level is
less than the trigger level.
Maturity:
Approximately two years
Digital return:
24.00%
Trigger level:
90% of the initial index level
Minimum payment at
None. Investors may lose their entire initial investment in the securities.
maturity:
Coupon:
None
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Principal at Risk Securities
Key Investment Rationale
The securities offer the potential for a positive return equal to the greater of (1) the digital return and (2) the underlying
index return if the level of the underlying index does not decrease. At maturity, if the level of the underlying index has not
decreased, investors wil receive the stated principal amount plus a positive return equal to the greater of (1) the digital
return and (2) the underlying index return. If the level of the underlying index has decreased, but by no more than 10%,
investors wil receive the stated principal amount. However, if the level of the underlying index has decreased by more
than 10%, investors wil lose 1% of the principal amount for every 1% decrease in the final index level from the initial index
level. Investors may lose their entire initial investment in the securities.
Upside
Scenario
The final index level is greater than the initial index level by more than 24.00%. In this case, the
Above the
securities offer 1-to-1 uncapped participation in the increase in the level of the underlying index.
Digital
Return
Digital Return
The final index level is equal to the initial index level or is greater than the initial index level by up to
Scenario
24.00%. In this case, the securities offer the digital return of 24.00%.
The final index level is less than the initial index level but is greater than or equal to the trigger level,
Par Scenario
which is 90% of the initial index level. The final index level declines from the initial index level by 10%
or less, and the securities wil pay the stated principal amount at maturity.
The final index level is less than the trigger level, and, at maturity, we wil pay less than the stated
principal amount by an amount that is proportionate to the percentage decrease in the level of the
Downside
underlying index from the initial index level. Under these circumstances, the payment at maturity wil be
Scenario
less than $9.00 per security. For example, if the final index level is 70% less than the initial index level,
you wil lose 70% of the principal amount and receive only $3.00 per security at maturity. There is no
minimum payment at maturity on the securities, and you could lose your entire investment.
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Principal at Risk Securities
Additional Information
You should read this document together with the prospectus dated September 7, 2018, as supplemented by the prospectus supplement
dated September 7, 2018, relating to our Senior Global Medium-Term Notes, Series H, of which these securities are a part. This
document, together with these documents, contains the terms of the securities and supersedes all other 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 rely only on the information provided or incorporated by reference in this document, the prospectus and the prospectus
supplement. We have not authorized anyone else to provide you with different information, and we take no responsibility for any other
information that others may give you. We and Morgan Stanley Wealth Management are offering to sell the securities and seeking offers
to buy the securities only in jurisdictions where it is lawful to do so. The information contained in this document and the accompanying
prospectus supplement and prospectus is current only as of their respective dates.
If the information in this document differs from the information contained in the prospectus supplement or the prospectus, you should
rely on the information in this document.
You should carefully consider, among other things, the matters set forth in "Risk Factors" in this document and the accompanying
prospectus supplement and prospectus, as the securities involve risks not associated with conventional debt securities. We urge you to
consult your investment, legal, tax, accounting and other advisers before you invest in the securities.
You may access these documents on the SEC website at www.sec.gov as follows (or if such 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
Our Central Index Key, or CIK, on the SEC website is 1000275.
Please see the section "Documents Incorporated by Reference" on page i of the above prospectus for a description of our filings with the
SEC that are incorporated by reference therein.
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Principal at Risk Securities
How the Trigger Jump Securities Work
Payoff Diagram
The payoff diagram below il ustrates the payment at maturity on the securities for a range of hypothetical percentage
changes in the closing level of the underlying index. The graph is based on the fol owing terms:
Stated principal amount:
$10 per security
Digital return:
24.00%
Trigger level:
90% of the initial index level
Minimum payment at
None
maturity:
Trigger Jump Securities Payoff Diagram
The securities
The Underlying Index
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Principal at Risk Securities
How it works
Upside Scenario. If the final index level is greater than or equal to the initial index level, then investors would
receive the $10 stated principal amount plus a return equal to the greater of (1) the digital return and (2) the
underlying index return.
For example, if the level of the underlying index increases by 3%, the investor would receive a 24.00%
return, or $12.40 per security.
For example, if the level of the underlying index increases by 40%, the investor would receive a 40%
return, or $14.00 per security.
Par Scenario. If the final index level is less than the initial index level, but has not decreased by more than 10%,
the investor wil receive the principal amount.
Downside Scenario. If the final index level is less than the trigger level, the investor would receive an amount
less than the $10 stated principal amount, based on a 1% loss of principal for each 1% decrease in the level of the
underlying index. Under these circumstances, the payment at maturity wil be less than $9.00 per security. There
is no minimum payment at maturity on the securities.
For example, if the level of the underlying index decreases by 70%, the investor would lose 70% of the
principal amount and receive only $3.00 per security at maturity, or 30% of the stated principal amount.
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Principal at Risk Securities
Risk Factors
An investment in the securities is subject to the risks described below, as wel as the risks described under "Risk Factors"
in the accompanying prospectus supplement and prospectus. Investors in the securities are also exposed to further risks
related to the issuer of the securities, Royal Bank of Canada, which are described in Royal Bank of Canada's annual report
on Form 40-F for its most recently completed fiscal year, filed with the SEC and incorporated by reference herein. See the
categories of risks, identified and disclosed in the management's discussion and analysis of financial condition and results
of operations included in the annual report on Form 40-F. This section (and the management's discussion and analysis
section of the annual report on Form 40-F) describes the most significant risks relating to the securities. You should
careful y consider whether the securities are suited to your particular circumstances.
The securities do not pay interest or guarantee return of any principal. The terms of the securities differ from
those of ordinary debt securities in that the securities do not pay interest or guarantee the payment of any principal
amount at maturity. If the final index level is less than the trigger level (which is 90% of the initial index level),
payout at maturity wil be an amount in cash that is at least 10% less than the $10 stated principal amount of each
security. In this case, you wil lose a significant portion of your principal amount equal to the ful percentage
decrease in the level of the underlying index from the initial index level to the final index level. There is no
minimum payment at maturity on the securities, and, accordingly, you could lose your entire initial investment in
the securities.
The market price of the securities will be influenced by many unpredictable factors. Many factors wil
influence the value of the securities in the secondary market and the price at which RBCCM may be wil ing to
purchase or sel the securities in the secondary market, including:
the trading price and volatility (frequency and magnitude of changes in value) of the securities represented
by the underlying index;
dividend yields on the securities represented by the underlying index;
market interest rates;
our creditworthiness, as represented by our credit ratings or as otherwise perceived in the market;
time remaining to maturity;
geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the
underlying index; and
the exchange rate between the U.S. dol ar and the euro.
General y, the longer the time remaining to maturity, the more the market price of the securities wil be affected by
the other factors described above. The level of the underlying index may be volatile, and you should not take the
historical levels of the underlying index as an indication of future performance. See "Information About the
Underlying Index" below. You may receive less, and possibly significantly less, than the stated principal amount
per security if you sel your securities prior to maturity.
The securities are subject to the credit risk of Royal Bank of Canada, and any actual or anticipated
changes to its credit ratings or credit spreads may adversely affect the market value of the securities. You
are dependent on Royal Bank of Canada's ability to pay al amounts due on the securities at maturity and
therefore you are subject to the credit risk of Royal Bank of Canada. If Royal Bank of Canada defaults on its
obligations under the securities, your investment would be at risk and you could lose some or al of your
investment. As a result, the market value of the securities prior to maturity wil be affected by changes in the
market's view of Royal Bank of Canada's creditworthiness. Any actual or anticipated decline in Royal Bank of
Canada's credit ratings or increase in the credit spreads charged by the market for taking Royal Bank of Canada
credit risk is likely to adversely affect the market value of the securities.
The amount payable on the securities is not linked to the level of the underlying index at any time other
than the valuation date. The final index level wil be based on the closing level of the underlying index on the
valuation date, subject to adjustment for non-trading days and certain market disruption events. Even
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if the level of the underlying index increases prior to the valuation date but then decreases by the valuation date to
a level that is less than the trigger level, the payment at maturity wil be significantly less than it would have been
had the payment at maturity been linked to the level of the underlying index prior to that decrease. Although the
actual level of the underlying index on the maturity date or at other times during the term of the securities may be
higher than the final index level, the payment at maturity wil be based solely on the closing level of the underlying
index on the valuation date.
Investing in the securities is not equivalent to investing in the underlying index. Investing in the securities is
not equivalent to investing in the underlying index or its component stocks. Investors in the securities wil not have
voting rights or rights to receive dividends or other distributions or any other rights with respect to stocks that
constitute the underlying index.
The initial estimated value of the securities is less than the price to the public. The initial estimated value
set forth on the cover page of this document does not represent a minimum price at which we, RBCCM or any of
our affiliates would be wil ing to purchase the securities in any secondary market (if any exists) at any time. If you
attempt to sel the securities 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 level of the underlying index, the
borrowing rate we pay to issue securities of this kind, and the inclusion in the price to the public of the agent's
commissions and the estimated costs relating to our hedging of the securities. These factors, together with various
credit, market and economic factors over the term of the securities, are expected to reduce the price at which you
may be able to sel the securities in any secondary market and wil affect the value of the securities 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 sel your securities prior to maturity may be less than your original purchase price, as
any such sale price would not be expected to include the agent's commissions and the hedging costs relating to
the securities. In addition to bid-ask spreads, the value of the securities determined for any secondary market price
is expected to be based on the secondary rate rather than the internal funding rate used to price the securities and
determine the initial estimated value. As a result, the secondary price wil be less than if the internal funding rate
was used. The securities are not designed to be short-term trading instruments. Accordingly, you should be able
and wil ing to hold your securities to maturity.
Our initial estimated value of the securities is an estimate only, calculated as of the pricing date. The initial
estimated value of the securities is based on the value of our obligation to make the payments on the securities,
together with the mid-market value of the derivative embedded in the terms of the securities. See "Structuring the
Securities" 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 securities. These assumptions are
based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the
securities or similar securities at a price that is significantly different than we do.
The value of the securities at any time after the pricing date wil 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 securities in any secondary market, if any, should be expected to differ material y from the initial estimated
value of your securities.
An investment in the securities is subject to risks relating to non-U.S. securities markets. Because foreign
companies or foreign equity securities included in the underlying index are publicly traded in the applicable foreign
countries and are denominated in currencies other than U.S. dol ars, an investment in the securities involves
particular risks. For example, the non-U.S. securities markets may be more volatile than the U.S. securities
markets, and market developments may affect these markets differently from the U.S. or other securities markets.
Direct or indirect government intervention to stabilize the securities markets outside the U.S., as wel as cross-
shareholdings in certain companies, may affect trading prices and trading volumes in those markets. Also, the
public availability of information concerning the foreign issuers may vary depending on their home jurisdiction and
the reporting requirements imposed by their respective regulators. In addition, the foreign issuers may be subject
to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S.
reporting companies.
The securities will not be adjusted for changes in exchange rates. Although the equity securities composing
the underlying index are traded in euro, and the securities are denominated in U.S. dol ars, the
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amount payable on the securities at maturity, if any, wil not be adjusted for changes in the exchange rates
between the U.S. dol ar and the euro. Changes in exchange rates, however, may also reflect changes in the
applicable non-U.S. economies that in turn may affect the level of the underlying index, and therefore the
securities. The amount we pay in respect of your securities on the maturity date, if any, wil be determined solely in
accordance with the procedures described in this document.
Adjustments to the underlying index could adversely affect the value of the securities. The sponsor of the
underlying index (the "index sponsor") may add, delete or substitute the stocks constituting the underlying index, or
make other methodological changes. Further, the index sponsor may discontinue or suspend calculation or
publication of the underlying index at any time. Any of these actions could affect the value of and the return on the
securities.
We have no affiliation with the index sponsor and wil not be responsible for any actions taken by the index
sponsor. The index sponsor is not an affiliate of ours and wil not be involved in the offering of the securities in any
way. Consequently, we have no control over the actions of the index sponsor, including any actions of the type that
would require the calculation agent to adjust the payment to you at maturity. The index sponsor has no obligation
of any sort with respect to the securities. Thus, the index sponsor has no obligation to take your interests into
consideration for any reason, including in taking any actions that might affect the value of the securities. None of
our proceeds from the issuance of the securities wil be delivered to the index sponsor.
The securities will not be listed on any securities exchange and secondary trading may be limited. The
securities wil not be listed on any securities exchange. Therefore, there may be little or no secondary market for
the securities. RBCCM may, but is not obligated to, make a market in the securities, and, if it chooses to do so at
any time, it may cease doing so. When it does make a market, it wil general y do so for transactions of routine
secondary market size at prices based on its estimate of the current value of the securities, taking into account its
bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding
any related hedging positions, the time remaining to maturity and the likelihood that it wil be able to resel the
securities. Even if there is a secondary market, it may not provide enough liquidity to al ow you to trade or sel the
securities easily. Because we do not expect that other broker-dealers wil participate significantly in the secondary
market for the securities, the price at which you may be able to trade your securities is likely to depend on the
price, if any, at which RBCCM is wil ing to transact. If, at any time, RBCCM were not to make a market in the
securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be wil ing
to hold your securities to maturity.
Historical levels of the underlying index should not be taken as an indication of its future levels during the
term of the securities. The trading prices of the equity securities comprising the underlying index wil determine
the level of the underlying index at any given time. As a result, it is impossible to predict whether the level of the
underlying index wil rise or fal . Trading prices of the equity securities comprising the underlying index wil be
influenced by complex and interrelated political, economic, financial and other factors.
Hedging and trading activity by us and our subsidiaries could potentially adversely affect the value of the
securities. One or more of our subsidiaries and or third party dealers expect to carry out hedging activities related
to the securities (and possibly to other instruments linked to the underlying index or the securities it represents),
including trading in those securities as wel as in other related instruments. Some of our subsidiaries also may
conduct trading activities relating to the underlying index on a regular basis as part of their general broker-dealer
and other businesses. Any of these hedging or trading activities on or prior to the pricing date could potential y
have affected the initial index level and, therefore, could have increased the level above which the underlying
index must close on the valuation date so that investors do not suffer a significant loss on their initial investment in
the securities. Additional y, such hedging or trading activities during the term of the securities, including on the
valuation date, could adversely affect the closing level of the underlying index on the valuation date and,
accordingly, the amount of cash an investor wil receive at maturity, if any.
Our business activities may create conflicts of interest. We and our affiliates may engage in trading activities
related to the underlying index or the securities represented by the underlying index that are not for the account of
holders of the securities or on their behalf. These trading activities may present a conflict between the holders'
interest in the securities and the interests we and our affiliates wil have in proprietary
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accounts, in facilitating transactions, including options and other derivatives transactions, for our customers and in
accounts under our management. These trading activities could be adverse to the interests of the holders of the
securities.
We and our affiliates may presently or from time to time engage in business with one or more of the issuers of the
securities represented by the underlying index. This business may include extending loans to, or making equity
investments in, such companies or providing advisory services to such companies, including merger and
acquisition advisory services. In the course of business, we and our affiliates may acquire non-public information
relating to these companies, which we have no obligation to disclose to you, and, in addition, one or more of our
affiliates may publish research reports about these companies. Neither we nor the agent have made any
independent investigation regarding any matters whatsoever relating to the issuers of the securities represented
by the underlying index.
Moreover, we and our affiliates may have published, and in the future expect to publish, research reports with
respect to the underlying index or the securities which it represents. 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 securities. Any of these activities by us or one or more of our affiliates may affect the level of the
underlying index and, therefore, the market value of the securities.
The calculation agent, which is a subsidiary of the issuer, will make determinations with respect to the
securities, which may create a conflict of interest. Our whol y owned subsidiary, RBCCM, wil serve as the
calculation agent. As calculation agent, RBCCM determined the initial index level and wil determine the final
index level and the underlying index return, and calculate the amount of cash, if any, you wil receive at maturity.
Moreover, certain determinations made by RBCCM, in its capacity as calculation agent, may require it to exercise
discretion and make subjective judgments, such as with respect to the occurrence or non-occurrence of market
disruption events and the selection of a successor index or the calculation of the final index level in the event of a
market disruption event or discontinuance of the underlying index. These potential y subjective determinations may
adversely affect the payout to you at maturity, if any. For further information regarding these types of
determinations, see "Additional Terms of the Securities" below.
Significant aspects of the tax treatment of the securities are uncertain. The tax treatment of an investment in
the securities is uncertain. We do not plan to request a ruling from the Internal Revenue Service (the "IRS") or from
the Canada Revenue Agency regarding the tax treatment of an investment in the securities, and the IRS, the
Canada Revenue Agency or a court may not agree with the tax treatment described in this document.
The IRS 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
securities even though that holder wil not receive any payments with respect to the securities until maturity and
whether al or part of the gain a holder may recognize upon sale, exchange or maturity of an instrument such as
the securities should be treated as ordinary income. The outcome of this process is uncertain and could apply on
a retroactive basis.
Please read careful y the sections entitled "Canadian Federal Income Tax Consequences" and "Supplemental
Discussion of U.S. Federal Income Tax Consequences" in this document, the section entitled "Tax Consequences"
in the accompanying prospectus and the section entitled "Certain Income Tax Consequences" in the
accompanying prospectus supplement. You should consult your tax advisor about your own tax situation.
March 2020
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