Obligation Royal Bank of Canada 0% ( US78014F2478 ) en USD

Royal Bank of Canada

100 % ⇌

Canada

US78014F2478 ( en USD )

25/03/2021 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78014F2478 en USD 0%, échue

1 000 USD

30 008 000 USD

78014F247

N/A

La Banque Royale du Canada (RBC) est une institution financière multinationale canadienne offrant une large gamme de services financiers, incluant les services bancaires aux particuliers et aux entreprises, la gestion de patrimoine, les marchés des capitaux et l'assurance.

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78014F2478, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 25/03/2021

2/4/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120002131/form424b2.htm
424B2 1 form424b2.htm IEIB 14M STEPUP 78014F247

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001
(To Prospectus dated September 7, 2018,
Prospectus Supplement dated September 7, 2018 and
Product Supplement EQUITY INDICES SUN-1 dated
July 1, 2019)
3,003,867 Units
Pricing Date
January 30, 2020
$10 principal amount per unit
Settlement Date
February 6, 2020
CUSIP No. 78014F247
Maturity Date
March 25, 2021

Market-Linked Step Up Notes Linked to an
International Equity Index Basket
Maturity of approximately 14 months
If the Basket is flat or increases up to the Step Up Value, a return of 11.03%
If the Basket increases above the Step Up Value, a return equal to the percentage increase in the Basket
The Basket is comprised of the EURO STOXX 50® Index, the FTSE® 100 Index, the Nikkei Stock Average Index, the Swiss
Market Index, the S&P/ASX 200 Index, and the Hang Seng Index. The EURO STOXX 50® Index was given an initial weight of
40.00%, each of the FTSE® 100 Index and the Nikkei Stock Average Index was given an initial weight of 20.00%, each of the
Swiss Market Index and the S&P/ASX 200 Index was given an initial weight of 7.50%, and the Hang Seng Index was given an
initial weight of 5.00%
1-to-1 downside exposure to decreases in the Basket, with up to 100% of your principal at risk
All payments occur at maturity and are subject to the credit risk of Royal Bank of Canada
No periodic interest payments
In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.075 per unit. See
"Structuring the Notes"
Limited secondary market liquidity, with no exchange listing
The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured
or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation, or any other
governmental agency of Canada or the United States

The notes are being issued by Royal Bank of Canada ("RBC"). There are important differences between the notes and a
conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" beginning on
page TS-7 of this term sheet and page PS-7 of product supplement EQUITY INDICES SUN-1.
The initial estimated value of the notes as of the pricing date is $9.7187 per unit, which is less than the public offering price
listed below. See "Summary" on the following page, "Risk Factors" beginning on page TS-6 of this term sheet and "Structuring the
Notes" on page TS-28 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors
and cannot be predicted with accuracy.
None of the Securities and Exchange Commission (the "SEC"), any state securities commission, or any other regulatory body has
approved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthful or complete. Any
representation to the contrary is a criminal offense.

Per Unit
Total
Public offering price(1)
$ 10.00
$30,007,985.00
Underwriting discount(1)
$ 0.20
$570,088.40
Proceeds, before expenses, to RBC
$ 9.80
$29,437,896.60
(1)
The public offering price and the underwriting discount for an aggregate of 613,700 units purchased by an individual investor or
in combined transactions with the investor's household of 500,000 units or more is $9.95 per unit and $0.15 per unit,
respectively. See "Supplement to the Plan of Distribution" below.
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The notes:
Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value
BofA Securities
January 30, 2020
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Market-Linked Step Up Notes
Linked to an International Equity Index Basket, due March 25, 2021
Summary
The Market-Linked Step Up Notes Linked to an International Equity Index Basket, due March 25, 2021 (the "notes") are our senior unsecured debt
securities. The notes are not guaranteed or insured by the Canada Deposit Insurance Corporation or the FDIC or secured by col ateral. The notes will
rank equally with all of our other unsecured and unsubordinated debt. Any payments due on the notes, including any repayment of principal,
will be subject to the credit risk of RBC. The notes are not bail-inable notes (as defined in the prospectus supplement). The notes provide you with a
Step Up Payment if the Ending Value of the Market Measure, which is the international equity index basket described below (the "Basket"), is equal to or
greater than its Starting Value, but is not greater than the Step Up Value. If the Ending Value is greater than the Step Up Value, you wil participate on a 1-
for-1 basis in the increase in the level of the Basket above the Starting Value. If the Ending Value is less than the Starting Value, you wil lose al or a
portion of the principal amount of your notes. Any payments on the notes, wil be calculated based on the $10 principal amount per unit and wil depend
on the performance of the Basket, subject to our credit risk. See "Terms of the Notes" below.
The Basket is comprised of the EURO STOXX 50® Index, the FTSE® 100 Index, the Nikkei Stock Average Index, the Swiss Market Index, the S&P/ASX
200 Index, and the Hang Seng Index (each a "Basket Component"). On the pricing date, the EURO STOXX 50® Index was given an initial weight of
40.00%, each of the FTSE® 100 Index and the Nikkei Stock Average Index was given an initial weight of 20.00%, each of the Swiss Market Index and the
S&P/ASX 200 Index was given an initial weight of 7.50%, and the Hang Seng Index was given an initial weight of 5.00%.
The economic terms of the notes (including the Step Up Payment) are based on our internal funding rate, which is the rate we would pay to borrow funds
through the issuance of market-linked notes and the economic terms of certain related hedging arrangements. Our internal funding rate is typical y lower
than the rate we would pay when we issue conventional fixed or floating rate debt securities. This difference in funding rate, as wel as the underwriting
discount and the hedging related charge described below, reduced the economic terms of the notes to you and the initial estimated value of the notes on
the pricing date. Due to these factors, the public offering price you pay to purchase the notes is greater than the initial estimated value of the notes.
On the cover page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based on our
and our affiliates' pricing models, which take into consideration our internal funding rate and the market prices for the hedging arrangements related to the
notes. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" on page TS-28.
Terms of the Notes
Redemption Amount
Issuer:
Royal Bank of Canada ("RBC")
Determination

On the maturity date, you wil receive a cash payment per unit determined
Principal
$10.00 per unit
as fol ows:
Amount:
Term:
Approximately 14 months
Market Measure: An international equity index basket comprised of the
EURO STOXX 50® Index (Bloomberg symbol: "SX5E"),
the FTSE® 100 Index (Bloomberg symbol: "UKX"), the
Nikkei Stock Average Index (Bloomberg symbol: "NKY"),
the Swiss Market Index (Bloomberg symbol: "SMI"), the
S&P/ASX 200 Index (Bloomberg symbol: "AS51") and
the Hang Seng Index (Bloomberg symbol: "HSI"). Each
Basket Component is a price return index.
Starting Value:
100.00
Ending Value:
The value of the Market Measure on the calculation day.
The scheduled calculation day is subject to
postponement in the event of Market Disruption Events,
as described beginning on page PS-20 of product
supplement EQUITY INDICES SUN-1.
Step Up Value:
111.03 (111.03% of the Starting Value).
Step Up
$1.103 per unit, which represents a return of 11.03%
Payment:
over the principal amount.
Threshold Value: 100.00 (100% of the Starting Value).
Calculation Day: March 18, 2021
Fees and
The underwriting discount of $0.20 per unit listed on the
Charges:
cover page and the hedging related charge of $0.075
per unit described in "Structuring the Notes" on page
TS-28.
Calculation
BofA Securities, Inc. ("BofAS").
Agent:

Market-Linked Step Up Notes
TS-2
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Market-Linked Step Up Notes
Linked to an International Equity Index Basket, due March 25, 2021
The terms and risks of the notes are contained in this term sheet and in the following:

Product supplement EQUITY INDICES SUN-1 dated July 1, 2019:
https://www.sec.gov/Archives/edgar/data/1000275/000114036119012126/form424b5.htm

Series H MTN prospectus supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm

Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
As a result of the completion of the reorganization of Bank of America's U.S. broker-dealer business, references to Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("MLPF&S") in the accompanying prospectus supplement, as such references relate to MLPF&S's
institutional services, should be read as references to BofAS.
These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without
cost, be accessed on the SEC website as indicated above or obtained from MLPF&S or BofAS by calling 1-800-294-1322.
Before you invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior
or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus.
Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY INDICES SUN-1.
Unless otherwise indicated or unless the context requires otherwise, all references in this document to "we," "us," "our," or similar
references are to RBC.
Investor Considerations
You may wish to consider an investment in the notes if:
The notes may not be an appropriate investment for you if:

You anticipate that the value of the Basket will increase from

You believe that the value of the Basket will decrease from
the Starting Value to the Ending Value.
the Starting Value to the Ending Value.

You are willing to risk a loss of principal and return if the

You seek principal repayment or preservation of capital.
Basket decreases from the Starting Value to the Ending
Value.

You seek interest payments or other current income on your
investment.

You are willing to forgo the interest payments that are paid
on conventional interest bearing debt securities.

You want to receive dividends or other distributions paid on
the stocks included in the Basket Components.

You are willing to forgo dividends or other benefits of owning
the stocks included in the Basket Components.

You seek an investment for which there will be a liquid
secondary market.

You are willing to accept a limited or no market for sales prior
to maturity, and understand that the market prices for the

You are unwilling or are unable to take market risk on the
notes, if any, will be affected by various factors, including
notes or to take our credit risk as issuer of the notes.
our actual and perceived creditworthiness, our internal
funding rate and fees and charges on the notes.

You are willing to assume our credit risk, as issuer of the
notes, for all payments under the notes, including the
Redemption Amount.
We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.
Market-Linked Step Up Notes
TS-3
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Market-Linked Step Up Notes
Linked to an International Equity Index Basket, due March 25, 2021
Hypothetical Payout Profile and Examples of Payments at
Maturity
Market-Linked Step Up Notes
This graph reflects the returns on the notes, based on the
Threshold Value of 100% of the Starting Value, the Step Up
Payment of $1.103 per unit and the Step Up Value of 111.03% of
the Starting Value. The green line reflects the returns on the
notes, while the dotted gray line reflects the returns of a direct
investment in the stocks included in the Basket Components,
excluding dividends.
This graph has been prepared for purposes of illustration only.
The following table and examples are for purposes of illustration only. They are based on hypothetical values and show hypothetical
returns on the notes. They illustrate the calculation of the Redemption Amount and total rate of return based on the Starting Value of
100, the Threshold Value of 100, the Step Up Value of 111.03, the Step Up Payment of $1.103 per unit and a range of hypothetical
Ending Values. The actual amount you receive and the resulting total rate of return will depend on the actual Ending Value and
whether you hold the notes to maturity. The following examples do not take into account any tax consequences from investing in the
notes.
For recent hypothetical historical values of the Basket, see "The Basket" section below. For recent actual levels of the Basket
Components, see "The Basket Components" section below. Each Basket Component is a price return index and as such the Ending
Value will not include any income generated by dividends paid on the stocks included in any of the Basket Components, which you
would otherwise be entitled to receive if you invested in those stocks directly. In addition, all payments on the notes are subject to issuer
credit risk.

Percentage Change from the

Total Rate of Return on
Starting Value to the Ending
the
Ending Value
Value
Redemption Amount per Unit
Notes
0.00

-100.00%

$0.000

-100.00%
50.00

-50.00%

$5.000

-50.00%
80.00

-20.00%

$8.000

-20.00%
90.00

-10.00%

$9.000

-10.00%
94.00

-6.00%

$9.400

-6.00%
97.00

-3.00%

$9.700

-3.00%
100.00(1)(2)

0.00%

$11.103(3)

11.03%
102.00

2.00%

$11.103

11.03%
105.00

5.00%

$11.103

11.03%
110.00

10.00%

$11.103

11.03%
111.03(4)

11.03%

$11.103

11.03%
120.00

20.00%

$12.000

20.00%
130.00

30.00%

$13.000

30.00%
140.00

40.00%

$14.000

40.00%
150.00

50.00%

$15.000

50.00%
160.00

60.00%

$16.000

60.00%
(1)
The Starting Value was set to 100.00 on the pricing date.
(2)
This is the Threshold Value.
(3)
This amount represents the sum of the principal amount and the Step Up Payment of $1.10.
(4)
This is the Step Up Value.
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Market-Linked Step Up Notes
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Market-Linked Step Up Notes
Linked to an International Equity Index Basket, due March 25, 2021
Redemption Amount Calculation Examples
Example 1
The Ending Value is 90.00, or 90.00% of the Starting Value:
Starting Value:
100.00
Threshold Value: 100.00
Ending Value:
90.00
Redemption Amount per unit
Example 2
The Ending Value is 110.00, or 110.00% of the Starting Value:
100.00
Starting Value:
111.03
Step Up Value:
110.00
Ending Value:
Redemption Amount per unit, the principal amount plus the Step Up Payment, since the Ending
Value is equal to or greater than the Starting Value, but less than the Step Up Value.
Example 3
The Ending Value is 143.00, or 143.00% of the Starting Value:
100.00
Starting Value:
111.03
Step Up Value:
143.00
Ending Value:
Redemption Amount per unit
Market-Linked Step Up Notes
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Linked to an International Equity Index Basket, due March 25, 2021
Risk Factors
There are important differences between the notes and a conventional debt security. An investment in the notes involves significant
risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the "Risk
Factors" sections beginning on page PS-7 of product supplement EQUITY INDICES SUN-1, page S-1 of the MTN prospectus
supplement, and page 1 of the prospectus identified above. We also urge you to consult your investment, legal, tax, accounting, and
other advisors before you invest in the notes.

Depending on the performance of the Basket as measured shortly before the maturity date, your investment may result in a
loss; there is no guaranteed return of principal.

Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security
of comparable maturity.

Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to
affect the value of the notes. If we become insolvent or are unable to pay our obligations, you may lose your entire investment.

Your investment return may be less than a comparable investment directly in the stocks included in the Basket Components.

The initial estimated value of the notes is an estimate only, determined as of a particular point in time by reference to our and
our affiliates' pricing models. These pricing models consider certain assumptions and variables, including our credit spreads,
our internal funding rate on the pricing date, mid-market terms on hedging transactions, expectations on interest rates and
volatility, price-sensitivity analysis, and the expected term of the notes. These pricing models rely in part on certain forecasts
about future events, which may prove to be incorrect.

The public offering price you pay for the notes exceeds the initial estimated value. If you attempt to sell the notes prior to
maturity, their market value may be lower than the price you paid for them and lower than the initial estimated value. This is due
to, among other things, changes in the value of the Basket, our internal funding rate, and the inclusion in the public offering
price of the underwriting discount and the hedging related charge, all as further described in "Structuring the Notes" on page
TS-28. 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.

The initial estimated value does not represent a minimum or maximum price at which we, MLPF&S, BofAS or any of our
affiliates would be willing to purchase your notes in any secondary market (if any exists) at any time. The value of your notes at
any time after issuance will vary based on many factors that cannot be predicted with accuracy, including the performance of
the Basket, our creditworthiness and changes in market conditions.

A trading market is not expected to develop for the notes. None of us, MLPF&S or BofAS is obligated to make a market for, or
to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any
secondary market.

Our business, hedging and trading activities, and those of BofAS, MLPF&S and our respective affiliates (including trades in
shares of companies included in the Basket Components), and any hedging and trading activities we, BofAS, MLPF&S or our
respective affiliates engage in for our clients' accounts, may affect the market value and return of the notes and may create
conflicts of interest with you.

Changes in the level of one Basket Component may be offset by changes in the level of the other Basket Components. Due to
the different Initial Component Weights, changes in the level of some Basket Components will have a more substantial impact
on the value of the Basket than similar changes in the levels of the other Basket Components.

The index sponsors may adjust each Basket Component in a way that affects its level, and the index sponsors have no
obligation to consider your interests.

You will have no rights of a holder of the securities represented by the Basket Components, and you will not be entitled to
receive securities or dividends or other distributions by the issuers of those securities.

While we, BofAS, MLPF&S or our respective affiliates may from time to time own securities of companies included in the
Basket Components, we, BofAS, MLPF&S and our respective affiliates do not control any company included in the Basket
Components, and have not verified any disclosure made by any other company.

Your return on the notes and the value of the notes may be affected by exchange rate movements and factors affecting the
international securities markets, specifically changes in the countries represented by the Basket Components. In addition, you
will not obtain the benefit of any increase in the value of the currencies in which the securities included in the Basket
Components trade against the U.S. dollar, which you would have received if you had owned the securities represented by the
Basket Components during the term of your notes, although the levels of the Basket Components may be adversely affected by
general exchange rate movements in the market.

There may be potential conflicts of interest involving the calculation agent, which is BofAS. We have the right to appoint and
remove the calculation agent.
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Market-Linked Step Up Notes
Linked to an International Equity Index Basket, due March 25, 2021

The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See
"Summary of U.S. Federal Income Tax Consequences" below and "U.S. Federal Income Tax Summary" on page PS-33 of
product supplement EQUITY INDICES SUN-1. For a discussion of the Canadian federal income tax consequences of investing
in the notes, see "Tax Consequences Canadian Taxation" in the prospectus dated September 7, 2018.
Other Terms of the Notes
Market Measure Business Day
The following definition shall supersede and replace the definition of a "Market Measure Business Day" set forth in product supplement
EQUITY INDICES SUN-1:
A "Market Measure Business Day" means a day on which:

(A) each of the Eurex (as to the EURO STOXX 50® Index), the London Stock Exchange (as to the FTSE®100 Index), the
Tokyo Stock Exchange (as to the Nikkei Stock Average Index), the SIX Swiss Exchange (as to the Swiss Market Index),
the Australian Stock Exchange (as to the S&P/ASX 200 Index), and the Stock Exchange of Hong Kong (as to the Hang
Seng Index) (or any successor to the foregoing exchanges) are open for trading; and

(B) the Basket Components or any successors thereto are calculated and published.
Market-Linked Step Up Notes
TS-7
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