Obligation Royal Bank of Canada 0% ( US78013GUU74 ) en USD

Société émettrice Royal Bank of Canada
Prix sur le marché 100 %  ⇌ 
Pays  Canada
Code ISIN  US78013GUU74 ( en USD )
Coupon 0%
Echéance 26/08/2021 - Obligation échue



Prospectus brochure de l'obligation Royal Bank of Canada US78013GUU74 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 5 824 000 USD
Cusip 78013GUU7
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 US78013GUU74 émise par la Royal Bank of Canada (Canada), libellée en USD, d'un montant total de 5 824 000 USD, avec un taux d'intérêt de 0%, une taille minimale d'achat de 1 000 USD et une maturité initialement fixée au 26/08/2021, a été remboursée à son échéance à 100% de sa valeur nominale.







2/26/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
424B2 1 form424b2.htm RAYMOND JAMES DELTA ONE (BROKERAGE 78013GUU7)
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001

Pricing Supplement
$5,824,000
Notes Linked to the Raymond James Top
Dated February 21, 2020
Selections in Technology, due August 26,
to the Product Prospectus Supplement No. ERN-ES-1
2021
Dated October 18, 2018, the Prospectus Supplement
Dated September 7, 2018 and the Prospectus, Dated
Royal Bank of Canada
September 7, 2018
Royal Bank of Canada is offering notes (the "Notes") linked to an equal y-weighted basket (the "Basket") of 20 common stocks
(each, a "Reference Stock") selected by Raymond James & Associates, Inc. ("Raymond James"). The Reference Stocks
represent companies that operate in the technology sector. The Reference Stocks are listed in the "Summary" section below.
The CUSIP number for the Notes is 78013GUU7. The ISIN for the Notes is US78013GUU74.
The Notes do not pay interest. Any payments on the Notes are subject to our credit risk. The Notes wil not be listed on any
securities exchange.
On the maturity date, the amount that we wil pay to you for each $1,000 in principal amount of the Notes (the "Redemption
Amount") wil depend upon the performance of the Basket and the dividends paid on the Reference Stocks over the term of the
Notes. The Participation Rate is 97.35%. You may lose al or a portion of the principal amount of your Notes at maturity if the
value of the Basket does not increase by at least approximately 2.73%, as described in more detail below. Please see the
discussion below for more complete information about how the payment at maturity wil be determined.
Issue Date: February 26, 2020
Maturity Date: August 26, 2021
Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-7 of this pricing
supplement, and "Risk Factors" beginning on page PS-4 of the product prospectus supplement and on page S-1 of the
prospectus supplement.
The Notes wil not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance
Corporation or any other Canadian or U.S. government agency or instrumentality. The Notes are not subject to conversion into
our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes
or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

Per Note

Total
Price to public(1)
100.00%

$5,824,000
Underwriting discounts and commissions(1)
1.50%

$87,360
Proceeds to Royal Bank of Canada
98.50%

$5,736,640
(1) RBC Capital Markets, LLC, which we refer to as RBCCM, acting as agent for Royal Bank of Canada, wil receive a commission of $15.00 per
$1,000 in principal amount of the Notes, and wil use a portion of that commission to al ow sel ing concessions to Raymond James of up to
$15.00 per $1,000 in principal amount of the Notes. In addition, RBCCM wil pay to Raymond James a structuring fee of up to 0.77% of the
principal amount of the Notes. Please see "Supplemental Plan of Distribution (Conflicts of Interest)" in this pricing supplement.
The initial estimated value of the Notes as of the date of this pricing supplement was $973.50 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
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
1/21


2/26/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm


Notes Linked to the Raymond James Top
Selections in Technology

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.
Issuer:
Royal Bank of Canada ("Royal Bank")
Underwriter:
RBC Capital Markets, LLC
Currency:
U.S. Dol ars
Minimum
$1,000 and minimum denominations of $1,000 in excess thereof
Investment:
Trade Date
February 21, 2020
(Pricing Date):
Issue Date:
February 26, 2020
Valuation Date:
August 23, 2021
Maturity Date:
August 26, 2021, subject to extension for market and other disruptions, as described
below and in the product prospectus supplement.
Interest
None. No payments on the Notes wil be made prior to the maturity date.
Payments:
Reference
A Basket consisting of the 20 Reference Stocks set forth in the table below. We refer to
Asset:
the issuer of each Reference Stock as a "Reference Stock Issuer."
Payment at
The amount that you wil receive at maturity for each $1,000 in principal amount of the
Maturity (if held
Notes (the "Redemption Amount") wil depend upon the performance of the Basket and
to maturity):
the dividends paid on the Reference Stocks. The Redemption Amount wil equal the
product of (a) $1,000, (b) the Basket Level Percentage and (c) the Participation Rate.
As discussed in more detail below, the Basket Level Percentage must exceed
approximately 102.73% in order for you to receive a Redemption Amount per $1,000 in
principal amount of the Notes that exceeds the principal amount. In addition, the
Redemption Amount could be substantial y less than the principal amount of the Notes.
Reference Stock
For each Reference Stock, 1/20th
Weighting:
Reference Stock
The Reference Stock Performance wil measure the change in value of each Reference
Performance:
Stock over the term of the Notes, including the payment of certain dividends.
For each Reference Stock, the Reference Stock Performance wil equal (a) the
applicable Final Share Price divided by (b) the applicable Initial Share Price, expressed
as a percentage.
Weighted
For each Reference Stock, the product of (a) its Reference Stock Performance and (b)
Reference Stock
the Reference Stock Weighting.
Performance:

P-2
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
2/21


2/26/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm


Notes Linked to the Raymond James Top
Selections in Technology

Participation
97.35%. Because the Participation Rate is less than 100%, the Basket Level Percentage
Rate:
must exceed approximately 102.73% in order for you to receive a Redemption Amount
per $1,000 in principal amount of the Notes that exceeds the principal amount. See
"Hypothetical Returns" below.
Basket Level
The sum of the Weighted Reference Stock Performances.
Percentage:
Initial Share
For each Reference Stock, its closing price on the Trade Date, as determined by the
Price:
Calculation Agent, as set forth in the fol owing table:

Reference Stock
Ticker
Initial Share Price

Analog Devices, Inc.
ADI
$122.76

Amazon.com, Inc.
AMZN
$2,095.97

Aptiv PLC
APTV
$90.07

Arrow Electronics Inc.
ARW
$77.99

salesforce.com, inc.
CRM
$189.50

Cisco Systems, Inc.
CSCO
$46.295

Cubic Corporation
CUB
$62.44

Dell Technologies Inc.
DELL
$51.72

Fortinet, Inc.
FTNT
$114.48

Microsoft Corporation
MSFT
$178.59

Netflix, Inc.
NFLX
$380.07

Pure Storage, Inc.
PSTG
$17.88

QUALCOMM Incorporated
QCOM
$87.03

Rapid7, Inc.
RPD
$52.99

EchoStar Corporation
SATS
$39.08

Synnex Corporation
SNX
$141.75

Skyworks Solutions, Inc.
SWKS
$114.63

AT&T Inc.
T
$38.55

Veeva Systems Inc.
VEEV
$159.82

VMWare, Inc.
VMW
$159.87
Final Share
For each Reference Stock, the sum of (a) the closing price on the Valuation Date and (b)
Price:
the Dividend Amount for that Reference Stock.

P-3
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
3/21


2/26/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm


Notes Linked to the Raymond James Top
Selections in Technology

Dividend
An amount in U.S. dol ars equal to 100% of the gross cash distributions (including
Amount:
ordinary and extraordinary dividends) per share of Reference Stock declared by the
applicable Reference Stock Issuer where the date that the applicable Reference Stock
has commenced trading ex-dividend on its primary U.S. securities exchange as to each
relevant distribution occurs from the trading day after the Trade Date to the Valuation
Date. The positive effect of the Dividend Amount on the Redemption Amount wil be
reduced as a result of the Participation Rate, as set forth in "--Payment at Maturity"
above.
Calculation
RBC Capital Markets, LLC, our whol y-owned subsidiary ("RBCCM")
Agent:
U.S. Tax
By purchasing a Note, each holder agrees (in the absence of a change in law, an
Treatment:
administrative determination or a judicial ruling to the contrary) to treat the Note as a pre-
paid derivative contract 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 discussion in this pricing
supplement under "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 under "Supplemental Discussion of U.S. Federal Income
Tax Consequences," which apply to the Notes.
Distribution:
The Notes are not intended for purchase by any investor that is not a United States
person, as that term is defined for U.S. federal income tax purposes, and no dealer may
make offers of the Notes to any such investor.
Secondary
RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary
Market:
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 of your
Notes.
Listing:
The Notes wil not be listed on any securities exchange.
Clearance and
DTC global (including through its indirect participants Euroclear and Clearstream,
Settlement:
Luxembourg as described under "Description of Debt Securities--Ownership and Book-
Entry Issuance" in the prospectus).
Terms
Al of the terms appearing above the item captioned "Secondary Market" on pages P-2
Incorporated in
and P-3 of this pricing supplement and the terms appearing under the captions
the Master Note:
"Description of the Notes" below and "General Terms of the Notes" in the product
prospectus supplement.
The Valuation Date for any Reference Stock, as wel as the maturity date, are subject to postponement if a market
disruption event occurs with respect to an applicable Reference Stock, as described in the product prospectus supplement.

P-4
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
4/21


2/26/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm


Notes Linked to the Raymond James Top
Selections in Technology

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 October 18, 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.
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 and in the product prospectus supplement, 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 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 ERN-ES-1 dated October 18, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118040853/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.

P-5
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
5/21


2/26/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm


Notes Linked to the Raymond James Top
Selections in Technology

HYPOTHETICAL RETURNS
The fol owing hypothetical examples are provided for il ustration purposes only and are hypothetical; they do not purport to
be representative of every possible scenario concerning increases or decreases in the value of the Basket and the related
effect on the Redemption Amount. The fol owing hypothetical examples il ustrate the payment you would receive on the
maturity date if you purchased $1,000 in principal amount of the Notes. Numbers appearing in the examples below have
been rounded for ease of analysis. The examples below are based on the Participation Rate of 97.35%.
Basket Level
Redemption Amount per $1,000 in Percentage Gain (or Loss) per
Percentage
Principal Amount
$1,000 in Principal Amount
140.00%
$1,362.90
36.29%
130.00%
$1,265.55
26.56%
120.00%
$1,168.20
16.82%
110.00%
$1,070.85
7.09%
102.73%(1)
$1,000.00
0.00%
100.00%(2)
$973.50
-2.65%
90.00%
$876.15
-12.39%
80.00%
$778.80
-22.12%
70.00%
$681.45
-31.86%
60.00%
$584.10
-41.59%
30.00%
$292.05
-70.80%
0.00%
$0.00
-100.00%
(1) For you to receive a Redemption Amount greater than the principal amount of the Notes, the Basket Level Percentage
must be greater than approximately 102.73% due to the effect of the Participation Rate being only 97.35%.
(2) If the Basket Level Percentage is not at least approximately 102.73%, you wil lose some or al of the principal amount
of the Notes.
Please see the sections below, "Additional Risk Factors--General Risks Relating to the Terms of the Notes--Principal at
Risk" and "--The Notes Wil Not Reflect the Ful Performance of the Reference Stocks, Which May Negatively Impact Your
Return on the Notes."

P-6
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
6/21


2/26/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm


Notes Linked to the Raymond James Top
Selections in Technology

SELECTED RISK CONSIDERATIONS
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in any of
the Reference Stocks. These risks are explained in more detail in the section "Risk Factors" beginning on page PS-4 of the
product prospectus supplement and page S-1 of the prospectus supplement. In addition to the risks described in the
product prospectus supplement and the prospectus supplement, you should consider the fol owing:
General Risks Relating to the Terms of the Notes
·
Principal at Risk ­­ The Notes do not guarantee any return of principal. The amount payable on the Notes at maturity
wil depend on the performance of each of the Reference Stocks and the applicable Dividend Amount, and may be
less, and possibly significantly less, than your initial investment. If the prices of some or al of the Reference Stocks
decrease, the payment at maturity may be less than the principal amount. In addition, because the Participation Rate
is only 97.35%, the Basket Level Percentage must exceed approximately 102.73% in order for you to receive a
Redemption Amount that exceeds the principal amount. You may lose al or a substantial portion of the amount that
you invested to purchase the Notes. You may incur a loss, even if the Basket Level Percentage is positive (but less
than approximately 102.73%). Please also see "--The Notes Wil Not Reflect the Ful Performance of the Reference
Stocks, Which May Negatively Impact Your Return on the Notes."
·
The Notes Do Not Pay Interest and Your Return May Be Lower than the Return on a Conventional Debt
Security of Comparable Maturity ­­ There wil be no periodic interest payments on the Notes as there would be on a
conventional fixed-rate or floating-rate debt security having the same 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. Your return may be
less than the return you would earn if you bought a conventional senior interest bearing debt security of Royal Bank.
·
The Notes Will Not Reflect the Full Performance of the Reference Stocks, Which May Negatively Impact Your
Return on the Notes ­­ Because the calculation of the Redemption Amount includes a Participation Rate of less than
100%, the return, if any, on the Notes wil not reflect the ful performance of the Reference Stocks. Therefore, the yield
to maturity based on the methodology for calculating the Redemption Amount wil be less than the yield that would be
produced if the Reference Stocks were purchased and held for a similar period. The Basket Level Percentage must be
at least approximately 102.73% for the Redemption Amount to exceed the principal amount.
·
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 unsecured debt securities. As a result, your receipt of
any amounts due on the Notes is dependent upon our ability to repay our obligations on the applicable payment date.
This wil be the case even if the value of the Basket increases after the Trade Date. No assurance can be given as to
what our financial condition wil be at maturity of the Notes.
·
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.
·
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 prices of the Reference Stocks, the
borrowing rate we pay to issue securities of this kind, and the inclusion in the price to the public of the underwriting

P-7
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
7/21


2/26/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm


Notes Linked to the Raymond James Top
Selections in Technology

discount, structuring fee 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, structuring fee, and the hedging costs relating to the
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.
·
Any Increase in the Price of One or More Reference Stocks May Be Offset by Decreases in the Price of One or
More Other Reference Stocks ­­ The price of one or more of the Reference Stocks may increase while the price of
one or more of the other Reference Stocks decreases. Therefore, in determining the value of the Basket at any time,
including on the Valuation Date, increases in the price of one Reference Stock may be moderated, or whol y offset, by
decreases in the price of one or more other Reference Stocks.
·
The Market Value of the Notes May Be Influenced by Many Unpredictable Factors ­­ The fol owing factors, many
of which are beyond our control, may influence the market value of the Notes:
·
the market prices of the Reference Stocks;
·
the dividend yields of the Reference Stocks;
·
economic, financial, political, military, regulatory, legal and other events that affect the securities markets
general y, and which may affect the values of the Reference Stocks; and
·
interest rates in the market.
These factors may influence the market value of your Notes if you sel your Notes before maturity. Our
creditworthiness, as represented by our credit ratings or as otherwise perceived in the market wil also affect the
market value of your Notes. If you sel your Notes prior to maturity, you may receive less than your initial investment.
·
You Must Rely on Your Own Evaluation of the Merits of an Investment Linked to the Reference Stocks ­­ In the
ordinary course of their business, RBCCM, Raymond James and our respective affiliates may have expressed views
on expected movements in any Reference Stock, and may do so in the future. These views or reports may be
communicated to our clients, Raymond James' clients, and clients of our respective affiliates. However, these views
are subject to change from time to time. Moreover, other professionals who transact business in markets relating to
any Reference Stock may at any time have significantly different views from those of our respective affiliates. For

P-8
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
8/21


2/26/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm


Notes Linked to the Raymond James Top
Selections in Technology

these reasons, you are encouraged to derive information concerning the Reference Stocks from multiple sources, and
you should not rely solely on views expressed by us, Raymond James or our respective affiliates.
·
Our Trading and Other Transactions Relating to the Reference Stocks, Futures, Options or Other Derivative
Products May Adversely Affect the Market Value of the Notes ­­ As described below under "Use of Proceeds and
Hedging" in the product prospectus supplement, we or our affiliates may hedge our obligations under the Notes by
purchasing or sel ing the Reference Stocks, futures or options relating to the Reference Stocks, or other derivative
instruments with returns linked or related to changes in the performance of the Reference Stocks. We may adjust
these hedges by, among other things, purchasing or sel ing those assets at any time. Although they are not expected
to do so, any of these hedging activities may adversely affect the prices of the Reference Stocks, and therefore, the
market value of the Notes, and the amount payable at maturity. It is possible that we or one or more of our affiliates
could receive substantial returns from these hedging activities, even though the market value of the Notes decreases.
We, Raymond James, or one or more of our respective affiliates may also engage in trading relating to the Reference
Stocks on a regular basis as part of our general broker-dealer and other businesses, for proprietary accounts, for other
accounts under management or to facilitate transactions for our customers, including block trades. Any of these
activities could adversely affect the prices of the Reference Stocks and, therefore, the market value of the Notes. We,
Raymond James, or one or more of our respective affiliates may also issue or underwrite other securities or financial
or derivative instruments with returns linked or related to changes in the performance of the Reference Stocks. By
introducing competing products into the marketplace in this manner, we, Raymond James or one or more of our
respective affiliates could adversely affect the market value of the Notes.
·
Our Business Activities and the Business Activities of Our Affiliates May Create Conflicts of Interest ­­ As
noted above, we, Raymond James, or one or more of our respective affiliates expect to engage in trading activities
related to the Reference Stocks 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, Raymond James and
our respective 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 Stocks, could be adverse to the interests of the holders of the Notes. We,
Raymond James, or one or more of our respective affiliates may, at present or in the future, engage in business with
the Reference Stock Issuers, including making loans to or providing advisory services to those companies. These
services could include investment banking and merger and acquisition advisory services. In providing these services,
we or Raymond James may obtain confidential information about the Reference Stock Issuers, and we wil be under
no obligation to share this information with you. These activities may present a conflict between our, Raymond James
or one or more of our affiliates' obligations and your interests as a holder of the Notes. Moreover, we, Raymond
James and our respective affiliates have published, and in the future expect to publish, research reports and other
materials with respect to most or even al of the Reference Stocks. Our views are modified from time to time without
notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding the
Notes. Even if one of our affiliates or Raymond James expresses a negative opinion about one or more of the
Reference Stocks, or if market conditions change, the composition of the Basket wil not change during the term of the
Notes (except under the limited circumstances described below). Any of these activities by us, Raymond James or
one or more of our respective affiliates may affect the prices of the Reference Stocks and, therefore, the market value
of the Notes.
·
As Calculation Agent, RBCCM Will Have the Authority to Make Determinations That Could Affect the Value of
the Notes and the Payment at Maturity ­­ As Calculation Agent for your Notes, RBCCM wil have discretion in
making various determinations that affect your Notes, including determining the Initial Share Prices, the Final Share
Prices, the Dividend Amounts, the Basket Level Percentage, the Redemption Amount and whether any market
disruption event has occurred. The Calculation Agent also has discretion in making certain adjustments relating to
mergers and certain other corporate transactions that a Reference Stock Issuer may undertake. The exercise of this
discretion by RBCCM could adversely affect the value of your Notes and may present RBCCM, which is our whol y-
owned subsidiary, with a conflict of interest.

P-9
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
9/21


2/26/2020
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm


Notes Linked to the Raymond James Top
Selections in Technology

·
Owning the Notes Is Not the Same as Owning the Reference Stocks ­­ The return on your Notes is unlikely to
reflect the return you would realize if you actual y owned the Reference Stocks. For example, although certain
dividends paid by the Reference Stock Issuers wil be included in the Redemption Amount paid at maturity, you wil
have no right to receive these dividends at the time they are paid on the Reference Stocks; accordingly, an investment
in the Notes may return less than an actual investment in the Reference Stocks. As an owner of the Notes, you wil not
have voting rights or any other rights that holders of the Reference Stocks may have. Furthermore, one or more of the
Reference Stocks may appreciate during the term of the Notes, and, due to the Participation Rate, you wil not ful y
participate in such appreciation.
·
Significant Aspects of the Tax Treatment of the Notes Are Uncertain and Certain Aspects May Make the Notes
Less Suitable for Certain Non-U.S. Investors ­­ The tax treatment of the Notes is uncertain. We do not plan to
request a ruling from the Internal Revenue Service or from any Canadian authorities regarding the tax treatment of the
Notes, and the Internal Revenue Service or a court may not agree with the tax treatment described in this pricing
supplement.
The Internal Revenue Service has issued a notice indicating that it and the 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 Notes even though that holder wil not receive any payments with respect to the Notes until maturity and
whether al or part of the gain a holder may recognize upon sale or maturity of an instrument such as the Notes could
be treated as ordinary income. The outcome of this process is uncertain and could apply on a retroactive basis.
Moreover, the Notes are not intended for purchase by any investor that is not a United States person, as that term is
defined for U.S. federal income tax purposes, and no dealer may make offers of the Notes to any such investor. If
investors that are not "United States persons" for U.S. federal income tax purposes acquire any Notes, such investors
may incur U.S. tax obligations as a result of owning such Notes.
Please read careful y the section entitled "Supplemental Tax Considerations" in this pricing supplement, the section
entitled "United States Federal Income Taxation" 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.
·
Market Disruption Events and Adjustments ­­ The payments on the Notes are subject to adjustment as described
in this document. For a description of what constitutes a market disruption event as wel as the consequences of that
market disruption event, see "Description of the Notes--Market Disruption Events" below.
Additional Risks Relating to the Reference Stocks
·
The Inclusion of the Reference Stocks in the Basket Does Not Guarantee a Positive Return ­­ The performance
of the Reference Stocks may be less than the performance of the equities markets general y, and less than the
performance of technology stocks general y, or other securities in which you may choose to invest. Although Raymond
James may have expressed a positive view as to one or more of the Reference Stocks prior to the Trade Date, its
views may have changed significantly prior to the Trade Date or may change significantly during the term of the
Notes. In addition, any positive views of Raymond James' research division is separate and apart from the offering of
these Notes, and does not constitute investment advice. Our offering of the Notes does not constitute our
recommendation or the recommendation of ours, Raymond James, or our respective affiliates to invest in the Notes or
in the Reference Stocks.
·
The Reference Stocks Are Concentrated in One Sector -- Al of the Reference Stocks are issued by companies in
the technology sector. Although an investment in the Notes wil not give holders any ownership or other direct interests
in the Reference Stocks, the return on an investment in the Notes wil be subject to certain risks associated with a
direct equity investment in companies in the technology sector, including those discussed below. Accordingly, by
investing in the Notes, you wil not benefit from the diversification which could result from an investment linked to
companies that operate in multiple sectors.

P-10
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120004021/form424b2.htm
10/21