Obbligazione Royal Bank of Canada 12.15% ( US78015KCJ16 ) in USD

Emittente Royal Bank of Canada
Prezzo di mercato 100 USD  ▲ 
Paese  Canada
Codice isin  US78015KCJ16 ( in USD )
Tasso d'interesse 12.15% per anno ( pagato 2 volte l'anno)
Scadenza 10/09/2021 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78015KCJ16 in USD 12.15%, scaduta


Importo minimo 1 000 USD
Importo totale 2 050 000 USD
Cusip 78015KCJ1
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.

Le 10 settembre 2021, l'obbligazione Royal Bank of Canada (ISIN: US78015KCJ16, CUSIP: 78015KCJ1) emessa in Canada per un valore totale di 2.050.000 USD, con cedola del 12,15% pagabile semestralmente e taglio minimo di 1.000 USD, è giunta a scadenza ed è stata rimborsata al 100%.







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424B2 1 form424b2.htm 3 INDICES 78015KCJ1
RBC Capital Markets®

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001









Pricing Supplement

$2,050,000
Dated September 4, 2019
Issuer Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three
To the Product Prospectus Supplement No. CCBN-2, Dated September

Equity Indices, Due September 10, 2021
10, 2018, the Prospectus Supplement Dated September 7, 2018, and the

Royal Bank of Canada
Prospectus Dated September 7, 2018




Royal Bank of Canada is offering Issuer Callable Contingent Coupon Barrier Notes (the "Notes") linked to the lesser performing of three equity indices (each, a
"Reference Index" and collectively, the "Reference Indices"). The Notes are our senior unsecured obligations, 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.
Reference Indices

Initial Levels

Trigger Levels*

Coupon Barriers*
S&P 500® Index ("SPX")

2,937.78
2,203.34, which is 75% of its Initial Level
2,203.34, which is 75% of its Initial Level
Russell 2000® Index ("RTY")

1,484.758
1,113.569, which is 75% of its Initial Level
1,113.569, which is 75% of its Initial Level
NASDAQ-100® Index ("NDX")

7,719.247
5,789.435, which is 75% of its Initial Level
5,789.435, which is 75% of its Initial Level
* Rounded to two decimal places with respect to the SPX, and three decimal places with respect to the RTY and NDX.
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 "Selected Risk Considerations" beginning on page P-8 of this pricing supplement, and "Risk Factors"
beginning on page PS-5 of the product prospectus supplement dated September 10, 2018 and page S-1 of the prospectus supplement dated September 7, 2018.
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.
Issuer:
Royal Bank of Canada
Stock Exchange Listing:
None
Trade Date:
September 4, 2019
Principal Amount:
$1,000 per Note
Issue Date:
September 9, 2019
Maturity Date:
September 10, 2021
Observation Periods:
Quarterly, as set forth below.
Coupon Payment Dates:
Quarterly, as set forth below
Valuation Date:
September 7, 2021
Contingent Coupon Rate:
12.15% per annum
Initial Level:
For each Reference Index, its closing level on the Trade Date, as set forth in the table above.
Final Level:
For each Reference Index, its closing level on the Valuation Date.
Contingent Coupon:
If the closing level of each Reference Index is greater than or equal to its Coupon Barrier on each trading day during the
applicable Observation Period, we will pay the Contingent Coupon on the applicable Coupon Payment Date. You may not receive
any Contingent Coupons during the term of the Notes.
Payment at Maturity (if
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level of the Lesser Performing
held to maturity):
Reference Index:
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity (if payable), unless the Final Level of the Lesser
Performing Reference Index is less than its Trigger Level.
If the Final Level of the Lesser Performing Reference Index is less than its Trigger Level, then the investor will receive at maturity, for
each $1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Underlying Return of the Lesser Performing Reference Index)
Investors could lose some or all of their principal amount if there has been a decline in the level of the Lesser Performing Reference
Index.
Lesser Performing
The Reference Index with the lowest Underlying Return.
Reference Index:
Call Feature:
The Notes may be called at our discretion on any Coupon Payment Date (other than the final Coupon Payment Date), if we send
prior written notice, as described below.
CUSIP:
78015KCJ1


Per Note

Total
Price to public
100.00%

$2,050,000
Underwriting discounts and commissions(1)
1.50%

$30,750
Proceeds to Royal Bank of Canada
98.50%

$2,019,250

The initial estimated value of the Notes as of the Trade Date was $974.99 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.
(1) RBC Capital Markets, LLC ("RBCCM") and any other broker-dealers participating in this offering will receive commissions of up to $15.00 per $1,000 in principal
amount of the Notes in connection with this offering. RBCCM and such broker-dealers will forgo some or all discounts and commissions with respect to the sales of
securities into certain fiduciary accounts. In addition, the issuer or its affiliates may pay selected broker-dealers and other distributors fees or retrocessions of up to
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$15.00 per $1,000 in principal amount of the Notes in connection with the distribution of the Notes. See "Supplemental Plan of Distribution (Conflicts of Interest)"
below.

RBC Capital Markets, LLC

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Issuer Cal able Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada


SUMMARY
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 Issuer Cal able Contingent Coupon Barrier Notes
(the "Notes") linked to the lesser performing of three equity indices (the "Reference Indices").
Issuer:
Royal Bank of Canada ("Royal Bank")
Trade Date:
September 4, 2019
Issue Date:
September 9, 2019
Valuation Date:
September 7, 2021
Maturity Date:
September 10, 2021
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
Designated
U.S. Dol ars
Currency:
Contingent Coupon: We wil pay you a Contingent Coupon during the term of the Notes, periodical y in arrears on each

Coupon Payment Date, under the conditions described below:
· If the closing level of each Reference Index is greater than or equal to its Coupon Barrier
on each trading day during the applicable Observation Period, we wil pay the Contingent
Coupon applicable to that Observation Period.
· If the closing level of any of the Reference Indices is less than its Coupon Barrier on any
trading day during the applicable Observation Period, we wil not pay you the Contingent
Coupon applicable to that Observation Period.
You may not receive a Contingent Coupon for one or more quarterly periods during the term of
the Notes.
Contingent Coupon
12.15% per annum (3.0375% per quarter)
Rate:
Observation Periods Observation Period Start
Observation Period End
Coupon Payment
and Coupon Payment Dates
Dates
Dates
Dates:
September 4, 2019
December 4, 2019
December 9, 2019
December 5, 2019
March 4, 2020
March 9, 2020
March 5, 2020
June 4, 2020
June 9, 2020
June 5, 2020
September 4, 2020
September 10, 2020
September 8, 2020
December 4, 2020
December 9, 2020
December 7, 2020
March 4, 2021
March 9, 2021
March 5, 2021
June 4, 2021
June 9, 2021
June 7, 2021
September 7, 2021 (the Valuation September 10, 2021 (the
Date)
Maturity Date)
Record Dates:
The record date for each Coupon Payment Date wil be one business day prior to that scheduled
Coupon Payment Date; provided, however, that any Contingent Coupon payable at maturity or
upon a cal wil be payable to the person to whom the payment at maturity or upon the cal , as the
case may be, wil be payable.
Cal Feature:
The Notes may be cal ed at our discretion on any Coupon Payment Date (other than the final
Coupon Payment Date) if we send written notice to the trustee at least three business days prior to
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that Coupon Payment Date.

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Issuer Cal able Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada


Payment if Cal ed:
If the Notes are cal ed, then, on the applicable Coupon Payment Date, for each $1,000 principal
amount, you wil receive $1,000 plus any Contingent Coupon otherwise due on that Coupon
Payment Date (if payable).
Initial Level:
For each Reference Index, its closing level on the Trade Date, as specified on the cover page of this
pricing supplement.
Final Level:
For each Reference Index, its closing level on the Valuation Date.
Trigger Level:
For each Reference Index, 75% of its Initial Level, as specified on the cover page of this
pricing supplement.
Coupon Barrier:
For each Reference Index, 75% of its Initial Level, as specified on the cover page of this
pricing supplement.
Payment at Maturity If the Notes are not previously cal ed, we wil pay you at maturity an amount based on the Final
(if
Level of the Lesser Performing Reference Index:
not previously cal ed
and held to maturity):
· If the Final Level of the Lesser Performing Reference Index is greater than or equal to its
Trigger Level, we wil pay you a cash payment equal to the principal amount plus the
Contingent Coupon otherwise due on the Maturity Date (if payable).
· If the Final Level of the Lesser Performing Reference Index is below its Trigger Level, you
wil receive at maturity, for each $1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Underlying Return of the Lesser Performing Reference Index)
The amount of cash that you receive wil be less than your principal amount, if anything, resulting in
a loss that is proportionate to the decline of the Lesser Performing Reference Index from the Trade
Date to the Valuation Date. Investors in the Notes could lose some or al of their investment if there
has been a decline in the level of the Lesser Performing Reference Index below its Trigger Level.
Underlying Return:
With respect to each Reference Index:
Final Level ­ Initial Level
Initial Level
Lesser Performing
The Reference Index with the lowest Underlying Return.
Reference Index:
Market Disruption
If a market disruption event occurs as to any of the Reference Indices on any trading day
Events:
during an Observation Period, the closing level of that Reference Index wil be disregarded for
the purpose of determining whether the Contingent Coupon is payable for that Observation
Period.
The occurrence of a market disruption event (or a non-trading day) as to any of the Reference
Indices on the scheduled Valuation Date wil result in the postponement of the Valuation Date
as to that Reference Index, as described in the product prospectus supplement.
A market disruption event affecting one Reference Index on the Valuation Date wil not affect
the determination of the closing level for any other Reference Index.
Calculation Agent:
RBC Capital Markets, LLC ("RBCCM")

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Issuer Cal able Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada


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 cal able
pre-paid cash-settled contingent income-bearing derivative contract linked to the Reference
Indices 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 wil 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 Al 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 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.

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Issuer Cal able Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada


ADDITIONAL TERMS OF YOUR NOTES
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/1000275/000114036118038089/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.

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Issuer Cal able Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada


HYPOTHETICAL EXAMPLES
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 Index, assuming the
following terms and that the Notes are not called prior to maturity:
Hypothetical Initial Level (for each Reference Index):
1,000*
Hypothetical Trigger Level (for each Reference Index):
750, which is 75% of the hypothetical Initial Level
Hypothetical Coupon Barrier (for each Reference Index):
750, which is 75% of the hypothetical Initial Level
Contingent Coupon Rate:
12.15% per annum (or 3.0375% per quarter)
Contingent Coupon Amount:
$30.375 per quarter
Principal Amount:
$1,000 per Note
* The hypothetical Initial Level of 1,000 used in the examples below has been chosen for il ustrative purposes only and is not the actual Initial
Level of any Reference Index. The actual Initial Levels for each Reference Index is set forth on the cover page of this pricing supplement. We
make no representation or warranty as to which of the Reference Indices will be the Lesser Performing Reference Index. It is possible
that the Final Level of each Reference Index will be less than its Initial Level.
Hypothetical Final Levels of the Lesser Performing Reference Index are shown in the first column on the left. The second column shows
the Payment at Maturity as a percentage of the principal amount for a range of Final Levels. 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 any Contingent
Coupon otherwise due on the Notes (if payable).
Cash Payment Amount
Hypothetical Final Level of the Lesser
Payment at Maturity as
per $1,000 in Principal
Performing Reference Index
Percentage of Principal Amount
Amount
1,300.00
100.00%*
$1,000.00*
1,250.00
100.00%*
$1,000.00*
1,100.00
100.00%*
$1,000.00*
1,000.00
100.00%*
$1,000.00*
900.00
100.00%*
$1,000.00*
800.00
100.00%*
$1,000.00*
750.00
100.00%*
$1,000.00*
749.90
74.99%
$749.90
700.00
70.00%
$700.00
600.00
60.00%
$600.00
500.00
50.00%
$500.00
400.00
40.00%
$400.00
250.00
25.00%
$250.00
0.00
0.00%
$0.00
*Excluding the final Contingent Coupon of $30.375, if payable.

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Issuer Cal able Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada


Hypothetical Examples of Amounts Payable at Maturity
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.
Example 1: The level of the Lesser Performing Reference Index increases by 25% from the Initial Level of 1,000 to its Final
Level of 1,250. Because the Final Level of the Lesser Performing Reference Index is greater than its Trigger Level and Coupon Barrier,
the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes (if payable), a cash payment of
$1,000 per Note, despite the 25% appreciation in the level of the Lesser Performing Reference Index.
Example 2: The level of the Lesser Performing Reference Index decreases by 10% from the Initial Level of 1,000 to its Final
Level of 900. Because the Final Level of the Lesser Performing Reference Index is greater than its Trigger Level and Coupon Barrier,
the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes (if payable), a cash payment of
$1,000 per Note, despite the 10% decline in the level of the Lesser Performing Reference Index.
Example 3: The level of the Lesser Performing Reference Index is 500 on the Valuation Date, which is less than its Trigger
Level of 750. Because the Final Level of the Lesser Performing Reference Index is less than its Trigger Level and Coupon Barrier, the
final Contingent Coupon will not be payable on the Maturity Date, and we will pay only $500 for each $1,000 in the principal amount of
the Notes, calculated as follows:
Principal Amount + (Principal Amount x Underlying Return of the Lesser Performing Reference Index)
= $1,000 + ($1,000 x -50%) = $1,000 - $500 = $500
* * *
The Payments at Maturity shown above are entirely hypothetical; they are based on levels of the Reference Indices 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 or on an investment in the securities included in any Reference Index.

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Issuer Cal able Contingent Coupon Barrier
Notes Linked to the Lesser Performing of Three
Equity Indices
Royal Bank of Canada


SELECTED RISK CONSIDERATIONS
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the
Reference Indices. 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 fol owing:
·
Principal at Risk -- Investors in the Notes could lose al or a substantial portion of their principal amount if there
is a decline in the level of the Lesser Performing Reference Index between the Trade Date and the Valuation Date.
If the Notes are not cal ed and the Final Level of the Lesser Performing Reference Index is less than its Trigger

Level, the amount of cash that you receive at maturity wil represent a loss of your principal that is proportionate to
the decline in the closing level of the Lesser Performing Reference Index 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.
·
The Notes Are Subject to an Issuer Call -- We may cal the Notes at our discretion on any Coupon Payment
Date. If the Notes are cal ed, then, on the applicable Coupon Payment Date, for each $1,000 in principal amount,
you wil receive $1,000 plus any Contingent Coupon otherwise due on the applicable Coupon Payment Date (if

payable). You wil not receive any Contingent Coupons after that payment. You may be unable to reinvest your
proceeds from the cal in an investment with a return that is as high as the return on the Notes would have been if
they had not been cal ed. We are more likely to cal the Notes if we anticipate that the yield on the Notes wil
exceed that payable on our conventional debt securities.
·
You May Not Receive Any Contingent Coupons -- We wil not necessarily make any coupon payments on the
Notes. If the closing level of any of the Reference Indices on any trading day during an Observation Period is less
than its Coupon Barrier, we wil not pay you the Contingent Coupon applicable to that Observation Period. If the

closing level of any of the Reference Indices is less than its Coupon Barrier on at least one trading day during
each of the Observation Periods and on the Valuation Date, we wil not pay you any Contingent Coupons during
the term of, and you wil not receive a positive return on your Notes. General y, this non-payment of the Contingent
Coupon coincides with a period of greater risk of principal loss on your Notes.
·
The Notes Are Linked to the Lesser Performing Reference Index, Even if the Other Reference Indices
Perform Better -- If any of the Reference Indices has a Final Level that is less than its Trigger Level, your return
wil be linked to the lesser performing of the three Reference Indices. Even if the Final Levels of the other

Reference Indices have increased compared to their respective Initial Levels, or have experienced a decrease that
is less than that of the Lesser Performing Reference Index, your return wil only be determined by reference to the
performance of the Lesser Performing Reference Index, regardless of the performance of the other Reference
Indices.
·
Your Payment on the Notes Will Be Determined by Reference to Each Reference Index Individually, Not to
a Basket, and the Payment at Maturity Will Be Based on the Performance of the Lesser Performing
Reference Index -- The Payment at Maturity wil be determined only by reference to the performance of the
Lesser Performing Reference Index, regardless of the performance of the other Reference Indices. 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 Indices would not be combined, and the depreciation of one Reference Index would not
be mitigated by any appreciation of the other Reference Indices. Instead, your return wil depend solely on the
Final Level of the Lesser Performing Reference Index.
·
The Call Feature and the Contingent Coupon Feature Limit Your Potential Return -- The return potential of

the Notes is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the Reference

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