Obligation Royal Bank of Canada 0% ( US78015KQF48 ) en USD

Société émettrice Royal Bank of Canada
Prix sur le marché 100 %  ⇌ 
Pays  Canada
Code ISIN  US78015KQF48 ( en USD )
Coupon 0%
Echéance 02/03/2023 - Obligation échue



Prospectus brochure de l'obligation Royal Bank of Canada US78015KQF48 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 1 313 000 USD
Cusip 78015KQF4
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée 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 US78015KQF48, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 02/03/2023







2/28/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004302/form424b2.htm
424B2 1 form424b2.htm NFLX 78015KQF4
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001

Pricing Supplement
$1,313,000
Auto-Cal able Contingent Coupon Barrier Notes
Dated February 26, 2020
Linked to the Common Stock of Netflix, Inc.,
To the Product Prospectus Supplement No. CCBN-1, Dated September
Due March 2, 2023
10, 2018, the Prospectus Supplement Dated September 7, 2018 and
Royal Bank of Canada
the Prospectus Dated September 7, 2018
Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the "Notes") linked to the common stock (the "Reference Stock") of Netflix, Inc. (the
"Reference Stock Issuer"). The Notes offered are senior unsecured obligations of Royal Bank of Canada, will pay a quarterly Contingent Coupon at the rate and under the
circumstances specified below, and will have the terms described in the documents described above, as supplemented or modified by this pricing supplement.
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:
February 26, 2020
Principal Amount:
$1,000 per Note
Issue Date:
February 28, 2020
Maturity Date:
March 2, 2023
Observation Dates:
Quarterly, as set forth below.
Coupon Payment Dates:
Quarterly, as set forth below.
Valuation Date:
February 27, 2023
Contingent Coupon Rate:
8.75% per annum
Initial Stock Price:
$379.24, which was the closing price of the Reference Stock on the Trade Date.
Final Stock Price:
The closing price of the Reference Stock on the Valuation Date.
Call Stock Price:
100% of the Initial Stock Price.
Trigger Price and Coupon
$227.54, which is equal to 60% of the Initial Stock Price (rounded to two decimal places).
Barrier:
Contingent Coupon:
If the closing price of the Reference Stock is greater than or equal to the Coupon Barrier on the applicable Observation Date, we will pay the
Contingent Coupon applicable to that Observation Date. You may not receive any Contingent Coupons during the term of the Notes.
Payment at Maturity (if held If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price:
to maturity):
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Stock Price is less than the Trigger Price.
If the Final Stock Price is less than the Trigger Price, then the investor will receive at maturity, for each $1,000 in principal amount, a cash
payment equal to: $1,000 + ($1,000 x Reference Stock Return)
Investors in the Notes will lose some or all of their principal amount if the Final Stock Price of the Reference Stock is less than the
Trigger Price.
Call Feature:
If the closing price of the Reference Stock is greater than or equal to the Call Stock Price starting on August 26, 2020 and on any Observation
Date thereafter, the Notes will be automatically called for 100% of their principal amount, plus the Contingent Coupon applicable to the
corresponding Observation Date.
Call Settlement Dates:
The Coupon Payment Date corresponding to that Observation Date.
CUSIP:
78015KQF4
Per Note

Total
Price to public(1)
100.00%

$1,313,000.00
Underwriting discounts and commissions(1)
2.25%

$29,542.50
Proceeds to Royal Bank of Canada
97.75%

$1,283,457.50
(1) Certain dealers that 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 $977.50 and $1,000 per $1,000 in principal amount.
The initial estimated value of the Notes as of the Trade Date is $956.87 per $1,000 in principal amount, which is 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, which we refer to as RBCCM, acting as agent for Royal Bank of Canada, wil receive a commission of $22.50 per $1,000 in principal amount of the Notes and wil
use a portion of that commission to al ow sel ing concessions to other dealers of up to $22.50 per $1,000 in principal amount of the Notes. The other dealers may forgo, in their sole
discretion, some or al of their sel ing concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.
RBC Capital Markets, LLC
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Auto-Cal able Contingent Coupon Barrier Notes
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 Auto-Cal able Contingent Coupon Barrier Notes (the
"Notes") linked to the common stock of Netflix, Inc.
Issuer:
Royal Bank of Canada ("Royal Bank")
Trade Date:
February 26, 2020
Issue Date:
February 28, 2020
Valuation Date:
February 27, 2023
Maturity Date:
March 2, 2023
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
Designated Currency:
U.S. Dol ars
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 price of the Reference Stock is greater than or equal to the Coupon Barrier on the
applicable Observation Date, we wil pay the Contingent Coupon applicable to that Observation
Date.
· If the closing price of the Reference Stock is less than the Coupon Barrier on the applicable
Observation Date, we wil not pay you the Contingent Coupon applicable to that Observation
Date.
You may not receive a Contingent Coupon for one or more quarterly periods during the term of the Notes.
Contingent Coupon Rate: 8.75% per annum (2.1875% per quarter)
Observation Dates:
Quarterly on May 26, 2020, August 26, 2020, November 27, 2020, February 26, 2021, May 26, 2021,
August 26, 2021, November 26, 2021, February 28, 2022, May 26, 2022, August 26, 2022, November 28,
2022 and the Valuation Date.
Coupon Payment Dates: The Contingent Coupon, if payable, wil be paid quarterly on May 29, 2020, August 31, 2020, December
2, 2020, March 3, 2021, June 1, 2021, August 31, 2021, December 1, 2021, March 3, 2022, June 1, 2022,
August 31, 2022, December 1, 2022 and the 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:
If, starting on August 26, 2020 and on any Observation Date thereafter, the closing price of the
Reference Stock is greater than or equal to the Cal Stock Price, then the Notes wil be automatical y
cal ed.
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Royal Bank of Canada
Cal Settlement Dates:
If the Notes are cal ed on any Observation Date starting on August 26, 2020 and thereafter, the Cal
Settlement Date wil be the Coupon Payment Date corresponding to that Observation Date.
Payment if Cal ed:
If the Notes are automatical y cal ed, then, on the applicable Cal Settlement Date, for each $1,000
principal amount, you wil receive $1,000 plus the Contingent Coupon otherwise due on that Cal
Settlement Date.
Initial Stock Price:
The closing price of the Reference Stock on the Trade Date, as set forth on the cover page of this pricing
supplement.
Final Stock Price:
The closing price of the Reference Stock on the Valuation Date.
Cal Stock Price:
100% of the Initial Stock Price.
Trigger Price and
60% of the Initial Stock Price, as set forth on the cover page of this pricing supplement.
Coupon Barrier:
Payment at Maturity (if
If the Notes are not previously cal ed, we wil pay you at maturity an amount based on the Final Stock
not previously cal ed and Price of the Reference Stock:
held to maturity):
· If the Final Stock Price is greater than or equal to the Trigger Price, we wil pay you a cash
payment equal to the principal amount plus the Contingent Coupon otherwise due on the Maturity
Date.
· If the Final Stock Price is below the Trigger Price, you wil receive at maturity, for each $1,000 in
principal amount, a cash payment equal to:
$1,000 + ($1,000 x Reference Stock Return)
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 Reference Stock from the Trade Date to the Valuation Date.
Investors in the Notes wil lose some or al of their principal amount if the Final Stock Price of the
Reference Stock is less than the Trigger Price.
Reference Stock Return:
Final Stock Price ­ Initial Stock Price
Initial Stock Price
Stock Settlement:
Not applicable. Payments on the Notes wil be made solely in cash.
Market Disruption
The occurrence of a market disruption event (or a non-trading day) as to the Reference Stock wil result in
Events:
the postponement of an Observation Date or the Valuation Date, as described in the product prospectus
supplement.
Calculation Agent:
RBC Capital Markets, LLC ("RBCCM")
U.S. Tax Treatment:
By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative
determination or a judicial ruling to the contrary) to treat the Notes as a cal able pre-paid cash-settled
contingent income-bearing derivative contract linked to the Reference Stock 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.
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Royal Bank of Canada
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 and pages P-
the Master Note:
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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Auto-Cal able Contingent Coupon Barrier Notes
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 wil have the meanings given to them in the product prospectus supplement. In the event of any conflict, this pricing
supplement wil 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 al prior or
contemporaneous oral statements as wel 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 careful y 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 fol ows (or if that address has changed, by reviewing our filings for the relevant date on the SEC website):
Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Product Prospectus Supplement dated September 10, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118038091/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "we," "us," or "our" refers to
Royal Bank of Canada.
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Auto-Cal able Contingent Coupon Barrier Notes
Royal Bank of Canada
HYPOTHETICAL EXAMPLES
The table set out below is included for il ustration purposes only. The table il ustrates the Payment at Maturity of the Notes (including
the final Contingent Coupon, if payable) for a hypothetical range of performance for the Reference Stock, assuming the fol owing
terms and that the Notes are not automatical y cal ed prior to maturity:
Hypothetical Initial Stock Price:
$100.00*
Hypothetical Trigger Price and Coupon Barrier:
$60.00, which is 60% of the hypothetical Initial
Stock Price
Contingent Coupon Rate:
8.75% per annum (or 2.1875% per quarter)
Contingent Coupon Amount:
$21.875 per quarter
Observation Dates:
Quarterly
Principal Amount:
$1,000 per Note
* The hypothetical Initial Stock Price of $100 used in the examples below has been chosen for il ustrative purposes only and is not
the actual Initial Stock Price. The actual Initial Stock Price is set forth on the cover page of this pricing supplement.
Hypothetical Final Stock Prices are shown in the first column on the left. The second column shows the Payment at Maturity for a
range of Final Stock Prices on the Valuation Date. The third column shows the amount of cash to be paid on the Notes per $1,000 in
principal amount. If the Notes are cal ed prior to maturity, the hypothetical examples below wil not be relevant, and you wil receive
on the applicable Coupon Payment Date, for each $1,000 principal amount, $1,000 plus the Contingent Coupon otherwise due on
the Notes.
Hypothetical Final Stock Price of
Payment at Maturity as
Payment at Maturity
the
Percentage of Principal
(assuming that the
Reference Stock
Amount
Notes were not
previously called)
$150.00
102.1875%*
$1,021.875*
$140.00
102.1875%*
$1,021.875*
$125.00
102.1875%*
$1,021.875*
$120.00
102.1875%*
$1,021.875*
$110.00
102.1875%*
$1,021.875*
$100.00
102.1875%*
$1,021.875*
$90.00
102.1875%*
$1,021.875*
$80.00
102.1875%*
$1,021.875*
$70.00
102.1875%*
$1,021.875*
$60.00
102.1875%*
$1,021.875*
$59.99
59.99%
$599.90
$50.00
50.00%
$500.00
$40.00
40.00%
$400.00
$30.00
30.00%
$300.00
$20.00
20.00%
$200.00
$10.00
10.00%
$100.00
$0.00
0%
$0.00
* Including the final Contingent Coupon, if payable.
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Royal Bank of Canada
Hypothetical Examples of Amounts Payable at Maturity
The fol owing hypothetical examples il ustrate how the payments at maturity set forth in the table above are calculated, assuming the
Notes have not been cal ed.
Example 1: The price of the Reference Stock increases by 25% from the Initial Stock Price of $100.00 to the Final Stock
Price of $125.00. Because the Final Stock Price is greater than the Trigger Price and its Coupon Barrier, the investor receives at
maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a cash payment of $1,000 per Note, despite the
25% appreciation in the price of the Reference Stock.
Example 2: The price of the Reference Stock decreases by 10% from the Initial Stock Price of $100.00 to the Final Stock
Price of $90.00. Because the Final Stock Price is greater than the Trigger Price and its Coupon Barrier, the investor receives at
maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a cash payment of $1,000 per Note, despite the
10% decline in the price of the Reference Stock.
Example 3: The price of the Reference Stock decreases by 70% from the Initial Stock Price of $100.00 to the Final Stock
Price of $30.00. Because the Final Stock Price is less than the Trigger Price and its Coupon Barrier, the final Contingent Coupon
wil not be payable on the Maturity Date, and we wil pay only $300.00 for each $1,000 in the principal amount of the Notes,
calculated as fol ows:
Principal Amount + (Principal Amount x Reference Stock Return)
= $1,000 + ($1,000 x -70.00%) = $1,000 - $700.00 = $300.00
* * *
The Payments at Maturity shown above are entirely hypothetical; they are based on theoretical prices of the Reference Stock 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 sel 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.
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Auto-Cal able Contingent Coupon Barrier Notes
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
Stock. 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 trading price of the Reference Stock between the Trade Date and the Valuation Date. If the Notes are not
automatical y cal ed and the Final Stock Price on the Valuation Date is less than the Trigger Price, 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 price of the
Reference Stock from the Trade Date to the Valuation Date. Any Contingent Coupons received on the Notes prior to the
Maturity Date may not be sufficient to compensate for any such loss.
·
The Notes Are Subject to an Automatic Call -- If on any Observation Date, beginning in August 2020, the closing price of
the Reference Stock is greater than or equal to the Cal Stock Price, then the Notes wil be automatical y cal ed. If the Notes
are automatical y cal ed, then, on the applicable Cal Settlement Date, for each $1,000 in principal amount, you wil receive
$1,000 plus the Contingent Coupon otherwise due on the applicable Cal Settlement Date. You wil not receive any
Contingent Coupons after the Cal Settlement Date. You may be unable to reinvest your proceeds from the automatic 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.
·
You May Not Receive Any Contingent Coupons -- We wil not necessarily make any coupon payments on the Notes. If
the closing price of the Reference Stock on an Observation Date is less than the Coupon Barrier, we wil not pay you the
Contingent Coupon applicable to that Observation Date. If the closing price of the Reference Stock is less than the Coupon
Barrier on each of the Observation Dates 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. Accordingly, if we do not pay the Contingent Coupon
on the Maturity Date, you wil also incur a loss of principal, because the Final Stock Price wil be less than the Trigger Price.
·
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 Stock. In addition,
the total return on the Notes wil vary based on the number of Observation Dates on which the Contingent Coupon becomes
payable prior to maturity or an automatic cal . Further, if the Notes are cal ed due to the Cal Feature, you wil not receive
any Contingent Coupons or any other payment in respect of any Observation Dates after the applicable Cal Settlement
Date. Since the Notes could be cal ed as early as August 2020, the total return on the Notes could be minimal. If the Notes
are not cal ed, you may be subject to the ful downside performance of the Reference Stock even though your potential
return is limited to the Contingent Coupon Rate. As a result, the return on an investment in the Notes could be less than the
return on a direct investment in the Reference Stock.
·
Your Return May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity -- The return
that you wil receive on the Notes, which could be negative, may be less than the return you could earn on other
investments. Even if your return is positive, your return may be less than the return you would earn if you bought a
conventional senior interest bearing debt security of Royal Bank.
·
Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are Expected to Affect
the Market Value of the Notes -- The Notes are our senior unsecured debt securities. As a result, your receipt of any
Contingent Coupons, if payable, and the amount due on any relevant payment date is dependent upon our ability to repay
our obligations on the applicable payment dates. This wil be the case even if the price of the Reference Stock increases
after the Trade Date. No assurance can be given as to what our financial condition wil be during the term of the Notes.
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Royal Bank of Canada
·
There May Not Be an Active Trading Market for the Notes-Sales in the Secondary Market May Result in Significant
Losses -- There may be little or no secondary market for the Notes. The Notes wil not be listed on any securities
exchange. RBCCM and our other affiliates may make a market for the Notes; however, they are not required to do so.
RBCCM or any other affiliate of ours may stop any market-making activities at any time. Even if a secondary market for the
Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction
costs in any secondary market would be high. As a result, the difference between bid and asked prices for your Notes in any
secondary market could be substantial.
·
Owning the Notes Is Not the Same as Owning the Reference Stock -- The return on your Notes is unlikely to reflect the
return you would realize if you actual y owned the Reference Stock. For instance, you wil not receive or be entitled to
receive any dividend payments or other distributions on the Reference Stock during the term of your Notes. As an owner of
the Notes, you wil not have voting rights or any other rights that holders of the Reference Stock may have. Furthermore, the
Reference Stock may appreciate substantial y during the term of the Notes, while your potential return wil be limited to the
applicable Contingent Coupon payments.
·
There Is No Affiliation Between the Reference Stock Issuer and RBCCM, and RBCCM Is Not Responsible for any
Disclosure by the Reference Stock Issuer -- We are not affiliated with the Reference Stock Issuer. However, we and our
affiliates may currently, or from time to time in the future, engage in business with the Reference Stock Issuer. Nevertheless,
neither we nor our affiliates assume any responsibilities for the accuracy or the completeness of any information that any
other company prepares. You, as an investor in the Notes, should make your own investigation into the Reference Stock.
The Reference Stock Issuer is not involved in this offering and has no obligation of any sort with respect to your Notes. The
Reference Stock Issuer has no obligation to take your interests into consideration for any reason, including when taking any
corporate actions that might affect the value of your Notes.
·
Our Business Activities May Create Conflicts of Interest -- We and our affiliates expect to engage in trading activities
related to the Reference Stock that are not for the account of holders of the Notes or on their behalf. These trading activities
may present a conflict between the holders' interests in the Notes and the interests we and our affiliates wil have in their
proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for their customers and
in accounts under their management. These trading activities, if they influence the prices of the Reference Stock, could be
adverse to the interests of the holders of the Notes. We and one or more of our affiliates may, at present or in the future,
engage in business with the Reference Stock Issuer, including making loans to or providing advisory services. These
services could include investment banking and merger and acquisition advisory services. These activities may present a
conflict between our or one or more of our affiliates' obligations and your interests as a holder of the Notes. Moreover, we
and our affiliates may have published, and in the future expect to publish, research reports with respect to the Reference
Stock. This research is modified from time to time without notice and may express opinions or provide recommendations
that are inconsistent with purchasing or holding the Notes. Any of these activities by us or one or more of our affiliates may
affect the price of the Reference Stock, and, therefore, the market value of the Notes.
·
The Initial Estimated Value of the Notes Is Less than the Price to the Public -- The initial estimated value that is set
forth on the cover page of this pricing supplement does not represent a minimum price at which we, RBCCM or any of our
affiliates would be wil ing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sel the
Notes prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This
is due to, among other things, changes in the price of the Reference Stock, the borrowing rate we pay to issue securities of
this kind, and the inclusion in the price to the public of the underwriting discount and the estimated costs relating to our
hedging of the Notes. These factors, together with various credit, market and economic factors over the term of the Notes,
are expected to reduce the price at which you may be able to sel the Notes in any secondary market and wil affect the
value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any other relevant
factors, the price, if any, at which you may be able to sel your Notes prior to maturity may be less than your original
purchase price, as any such sale price would not be expected to include the underwriting discount and the hedging costs
relating to the
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RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004302/form424b2.htm
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2/28/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004302/form424b2.htm

Auto-Cal able Contingent Coupon Barrier Notes
Royal Bank of Canada
Notes. In addition to bid-ask spreads, the value of the Notes determined by RBCCM for any secondary market price is
expected to be based on the secondary rate rather than the internal funding rate used to price the Notes and determine the
initial estimated value. As a result, the secondary price wil be less than if the internal funding rate was used. The Notes are
not designed to be short-term trading instruments. Accordingly, you should be able and wil ing to hold your Notes to
maturity.
·
The Initial Estimated Value of the Notes on the Cover Page of this Pricing Supplement Is an Estimate Only,
Calculated as of the Time the Terms of the Notes Were Set -- The initial estimated value of the Notes is based on the
value of our obligation to make the payments on the Notes, together with the mid-market value of the derivative embedded
in the terms of the Notes. See "Structuring the Notes" below. Our estimate is based on a variety of assumptions, including
our credit spreads, expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These
assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities may value
the Notes or similar securities at a price that is significantly different than we do.
The value of the Notes at any time after the Trade Date 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 Notes in
any secondary market, if any, should be expected to differ material y from the initial estimated value of your Notes.
·
Market Disruption Events and Adjustments -- The payment at maturity, each Observation Date and the Valuation Date
are subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market
disruption event as wel as the consequences of that market disruption event, see "General Terms of the Notes--Market
Disruption Events" in the product prospectus supplement.
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RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004302/form424b2.htm
10/15