Obligation Royal Bank of Canada 0% ( US78015KCW27 ) en USD

Royal Bank of Canada

100 % ⇌

Canada

US78015KCW27 ( en USD )

16/09/2022 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78015KCW27 en USD 0%, échue

1 000 USD

1 687 000 USD

78015KCW2

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 US78015KCW27, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 16/09/2022

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78015KCW27, a été notée NR par l'agence de notation Moody's.

424B2 1 form424b2.htm BA 3NC6M 78015KCW2
RBC Ca pit a l M a rk e t s®
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 2 7 0 0 1

Pricing Supplement

$1,687,000
Dated September 13, 2019
Auto-Callable Contingent Coupon Barrier Notes
To the Product Prospectus Supplement No. CCBN-1 Dated
Linked to the Common Stock of The Boeing
September 10, 2018, the Prospectus Supplement Dated September
Company, Due September 16, 2022
7, 2018 and the Prospectus Dated September 7, 2018
Royal Bank of Canada

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the "Notes") linked to the common stock (the "Reference Stock") of The Boeing
Company (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.
I ssue r:
Royal Bank of Canada
St oc k Ex c ha nge List ing:
None
T ra de Da t e :
September 13, 2019
Princ ipa l Am ount :
$1,000 per Note
I ssue Da t e :
September 18, 2019
M a t urit y Da t e :
September 16, 2022
Obse rva t ion Da t e s:
Quarterly, as set forth below
Coupon Pa ym e nt Da t e s:
Quarterly, as set forth below
V a lua t ion Da t e :
September 13, 2022
Cont inge nt Coupon Ra t e :
8.30% per annum
I nit ia l St oc k Pric e :
$379.76, which was the closing price of the Reference Stock on the Trade Date.
Fina l St oc k Pric e :
The closing price of the Reference Stock on the Valuation Date.
Ca ll St oc k Pric e :
100% of the Initial Stock Price.
T rigge r Pric e a nd Coupon
$265.83, which is 70% of the Initial Stock Price (rounded to two decimal places).
Ba rrie r:
Cont inge nt 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.
Pa ym e nt a t M a t urit y (if he ld If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price:
t o m a t urit y):
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.
Ca ll Fe a t ure :
If the closing price of the Reference Stock is greater than or equal to the Call Stock Price starting on March 13, 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.
Ca ll Se t t le m e nt Da t e s:
The Coupon Payment Date corresponding to that Observation Date.
CU SI P:
78015KCW2
Per Note
Total
Price to public(1)
100.00%
$1,687,000
Underwriting discounts and commissions(1)
2.25%
$37,957.50
Proceeds to Royal Bank of Canada
97.75%

$1,649,042.50
(1)Certain dealers that purchased the Notes for sale to certain fee-based advisory accounts may have foregone some or all of their underwriting discount or selling
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 $962.53 per $1,000 in principal amount, which is less than the price to public. The actual value of the
Notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We describe our determination of the initial estimated
value in more detail below.
RBC Capital Markets, LLC, which we refer to as RBCCM, acting as agent for Royal Bank of Canada, will receive a commission of $22.50 per $1,000 in principal amount
of the Notes and will use a portion of that commission to allow selling 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 all of their selling concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.
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RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
SU M M ARY
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-Callable Contingent Coupon Barrier Notes (the
"Notes") linked to the common stock of The Boeing Company.
Issuer:
Royal Bank of Canada ("Royal Bank")
Trade Date:
September 13, 2019
Issue Date:
September 18, 2019
Valuation Date:
September 13, 2022
Maturity Date:
September 16, 2022
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
Designated Currency:
U.S. Dollars
Contingent Coupon:
We will pay you a Contingent Coupon during the term of the Notes, periodically 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 will 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 will 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:
8.30% per annum (2.075% per quarter)
Observation Dates:
Quarterly on December 13, 2019, March 13, 2020, June 15, 2020, September 14, 2020, December
14, 2020, March 15, 2021, June 14, 2021, September 13, 2021, December 13, 2021, March 14,
2022, June 13, 2022 and the Valuation Date.
Coupon Payment Dates:
The Contingent Coupon, if payable, will be paid quarterly on December 18, 2019, March 18, 2020,
June 18, 2020, September 17, 2020, December 17, 2020, March 18, 2021, June 17, 2021,
September 16, 2021, December 16, 2021, March 17, 2022, June 16, 2022, and the Maturity Date.
Record Dates:
The record date for each Coupon Payment Date will be one business day prior to that scheduled
Coupon Payment Date; provided, however, that any Contingent Coupon payable at maturity or upon
a call will be payable to the person to whom the payment at maturity or upon the call, as the case
may be, will be payable.
Call Feature:
If, st a rt ing on M a rc h 1 3 , 2 0 2 0 and on any Observation Date thereafter, the closing price of the
Reference Stock is greater than or equal to the Call Stock Price, then the Notes will be automatically
called.
Call Settlement Dates:
If the Notes are called on any Observation Date starting on March 13, 2020 and thereafter, the Call
Settlement Date will be the Coupon Payment Date corresponding to that Observation Date.
P-2
RBC Capital Markets, LLC
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Auto-Callable Contingent Coupon Barrier Notes
Payment if Called:
If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000
principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on that Call
Settlement Date.
Initial Stock Price:
The closing price of the Reference Stock on the Trade Date, as specified on the cover page of this
pricing supplement.
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
70% of the Initial Stock Price, as specified on the cover page of this pricing supplement.
Coupon Barrier:
Payment at Maturity (if
If the Notes are not previously called, we will pay you at maturity an amount based on the Final
not previously called and
Stock Price of the Reference Stock:
held to maturity):
· If the Final Stock Price is greater than or equal to the Trigger Price, we will 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 will 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 will 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 will lose some or all 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 will be made solely in cash.
Market Disruption
The occurrence of a market disruption event (or a non-trading day) as to the Reference Stock will
Events:
result in 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 callable 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.
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 will 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-
P-3
RBC Capital Markets, LLC

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Auto-Callable Contingent Coupon Barrier Notes

Entry Issuance" in the prospectus dated September 7, 2018).
Terms Incorporated in
All of the terms appearing above the item captioned "Secondary Market" on the cover page and
the Master Note:
pages P-2 and P-3 of this pricing supplement and the terms appearing under the caption "General
Terms of the Notes" in the product prospectus supplement dated September 10, 2018, as modified
by this pricing supplement.
P-4
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
ADDI T I ON AL T ERM S OF Y OU R N OT ES
You should read this pricing supplement together with the prospectus dated September 7, 2018, as supplemented by the prospectus
supplement dated September 7, 2018 and the product prospectus supplement dated September 10, 2018, relating to our Senior Global Medium
Term Notes, Series H, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will have the meanings
given to them in the product prospectus supplement. In the event of any conflict, this pricing supplement will control. The Notes vary from the
terms described in the product prospectus supplement in several important ways. You should read this pricing supplement carefully.
This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade
ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among
other things, the matters set forth in "Risk Factors" in the prospectus supplement dated September 7, 2018 and in the product prospectus
supplement dated September 10, 2018, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your
investment, legal, tax, accounting and other advisors before you invest in the Notes. You may access these documents on the Securities and
Exchange Commission (the "SEC") website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant
date on the SEC website):
Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Product Prospectus Supplement dated September 10, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118038091/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.
P-5
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
H Y POT H ET I CAL EX AM PLES
The table set out below is included for illustration purposes only. The table illustrates the Payment at Maturity of the Notes (including the final Contingent
Coupon, if payable) for a hypothetical range of performance for the Reference Stock, assuming the following terms and that the Notes are not automatically
called prior to maturity:
Hypothetical Initial Stock Price:
$100.00*
Hypothetical Trigger Price and Coupon Barrier:
$70.00, which is 70% of the hypothetical Initial Stock Price
Contingent Coupon Rate:
8.30% per annum (or 2.075% per quarter)
Contingent Coupon Amount:
$20.75 per quarter
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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 illustrative 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 called prior to maturity, the hypothetical examples below will not be relevant, and you will receive on the applicable Coupon Payment
Date, for each $1,000 principal amount, $1,000 plus the Contingent Coupon otherwise due on the Notes.
Pa ym e nt a t M a t urit y (a ssum ing
H ypot he t ic a l Fina l St oc k Pric e of
Pa ym e nt a t M a t urit y a s
t ha t t he N ot e s w e re not
t he Re fe re nc e St oc k
Pe rc e nt a ge of Princ ipa l Am ount
pre viously c a lle d)
$150.00
102.075%*
$1,020.75*
$140.00
102.075%*
$1,020.75*
$125.00
102.075%*
$1,020.75*
$120.00
102.075%*
$1,020.75*
$110.00
102.075%*
$1,020.75*
$100.00
102.075%*
$1,020.75*
$90.00
102.075%*
$1,020.75*
$80.00
102.075%*
$1,020.75*
$70.00
102.075%*
$1,020.75*
$69.99
69.99%
$699.90
$60.00
60.00%
$600.00
$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.
P-6
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
H ypot he t ic a l Ex a m ple s of Am ount s Pa ya ble a t M a t urit y
The following hypothetical examples illustrate how the payments at maturity set forth in the table above are calculated, assuming the Notes have
not been called.
Ex a m ple 1 : T he pric e of t he Re fe re nc e St oc k inc re a se s by 2 5 % from t he I nit ia l St oc k Pric e of $ 1 0 0 .0 0 t o t he Fina l
St oc k Pric e of $ 1 2 5 .0 0 . 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.
Ex a m ple 2 : T he pric e of t he Re fe re nc e St oc k de c re a se s by 1 0 % from t he I nit ia l St oc k Pric e of $ 1 0 0 .0 0 t o t he Fina l
St oc k Pric e of $ 9 0 .0 0 . 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.
Ex a m ple 3 : T he pric e of t he Re fe re nc e St oc k de c re a se s by 6 0 % from t he I nit ia l St oc k Pric e of $ 1 0 0 .0 0 t o t he Fina l
St oc k Pric e of $ 4 0 .0 0 . Because the Final Stock Price is less than the Trigger Price and its Coupon Barrier, the final Contingent Coupon will
not be payable on the Maturity Date, and we will pay only $400.00 for each $1,000 in the principal amount of the Notes, calculated as follows:
Principal Amount + (Principal Amount x Reference Stock Return)
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= $1,000 + ($1,000 x -60.00%) = $1,000 - $600.00 = $400.00
* * *
The Payments at Maturity shown above are entirely hypothetical; they are based on 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 sell your Notes, may bear little relation to the hypothetical Payments at Maturity shown above,
and those amounts should not be viewed as an indication of the financial return on an investment in the Notes.
P-7
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
SELECT ED RI SK CON SI DERAT I ON S
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 following:
·
Princ ipa l a t Risk -- Investors in the Notes could lose all 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 automatically called and the
Final Stock Price on the Valuation Date is less than the Trigger Price, the amount of cash that you receive at maturity will 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.
·
T he N ot e s Are Subje c t t o a n Aut om a t ic Ca ll -- If on any Observation Date, beginning in March 2020, the closing price of the
Reference Stock is greater than or equal to the Call Stock Price, then the Notes will be automatically called. If the Notes are
automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you will receive $1,000 plus the
Contingent Coupon otherwise due on the applicable Call Settlement Date. You will not receive any Contingent Coupons after the Call
Settlement Date. You may be unable to reinvest your proceeds from the automatic call in an investment with a return that is as high as
the return on the Notes would have been if they had not been called.
·
Y ou M a y N ot Re c e ive Any Cont inge nt Coupons -- We will 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 will 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 will not pay you any Contingent Coupons during the term of, and you will not receive
a positive return on, your Notes. Generally, 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 will also incur a loss of
principal, because the Final Stock Price will be less than the Trigger Price.
·
T he Ca ll Fe a t ure a nd t he Cont inge nt Coupon Fe a t ure Lim it Y our Pot e nt ia l Re t urn -- 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 will vary based on the number of Observation Dates on which the Contingent Coupon becomes payable prior
to maturity or an automatic call. Further, if the Notes are called due to the Call Feature, you will not receive any Contingent Coupons or
any other payment in respect of any Observation Dates after the applicable Call Settlement Date. Since the Notes could be called as
early as March 2020, the total return on the Notes could be minimal. If the Notes are not called, you may be subject to the full 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.
·
Y our Re t urn M a y Be Low e r t ha n t he Re t urn on a Conve nt iona l De bt Se c urit y of Com pa ra ble M a t urit y -- The
return that you will 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.
·
Pa ym e nt s on t he N ot e s Are Subje c t t o Our Cre dit Risk , a nd Cha nge s in Our Cre dit Ra t ings Are Ex pe c t e d t o
Affe c t t he M a rk e t V a lue of t he N ot e s -- 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 will 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 will be during the term of the Notes.
·
T he re M a y N ot Be a n Ac t ive T ra ding M a rk e t for t he N ot e s-Sa le s in t he Se c onda ry M a rk e t M a y Re sult in
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Signific a nt Losse s -- There may be little or no secondary market for the Notes. The Notes will 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.
·
Ow ning t he N ot e s I s N ot t he Sa m e a s Ow ning t he Re fe re nc e St oc k -- The return on your Notes is unlikely to reflect the
return you would realize if you actually owned the Reference Stock. For instance, you will 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 will not
have voting rights or any other rights that holders of the Reference Stock may have. Furthermore, the Reference Stock may appreciate
substantially during the term of the Notes, while your potential return will be limited to the applicable Contingent Coupon payments.
P-8
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
·
T he re I s N o Affilia t ion Be t w e e n t he Re fe re nc e St oc k I ssue r a nd RBCCM , a nd RBCCM I s N ot Re sponsible for
a ny Disc losure by t he Re fe re nc e St oc k I ssue r -- 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 Busine ss Ac t ivit ie s M a y Cre a t e Conflic t s of I nt e re st -- 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 will 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.
·
T he I nit ia l Est im a t e d V a lue of t he N ot e s I s Le ss t ha n t he Pric e t o t he 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 willing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sell 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 sell the Notes in any secondary market and will 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 sell 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 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 will 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 willing to hold your Notes to maturity.
·
T he I nit ia l Est im a t e d V a lue on t he Cove r Pa ge of t his Pric ing Supple m e nt I s a n Est im a t e Only, Ca lc ula t e d a s
of t he T im e t he T e rm s of t he N ot e s We re Se t -- 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
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significantly different than we do.
The value of the Notes at any time after the Trade Date will 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 materially from the initial estimated value of your Notes.
·
M a rk e t Disrupt ion Eve nt s a nd Adjust m e nt s -- 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 well 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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I N FORM AT I ON REGARDI N G T H E REFEREN CE ST OCK I SSU ER
The Reference Stock is registered under the Securities Exchange Act of 1934 (the "Exchange Act"). Companies with securities registered under
that Act are required to file periodically certain financial and other information specified by the SEC. Information provided to or filed with the
SEC can be obtained through the SEC's website at www.sec.gov. In addition, information regarding the Reference Stock may be obtained from
other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.
The following information regarding the Reference Stock Issuer is derived from publicly available information.
We have not independently verified the accuracy or completeness of reports filed by the Reference Stock Issuer with the SEC, information
published by it on its website or in any other format, information about it obtained from any other source or the information provided below.
We obtained the information regarding the historical performance of the Reference Stock set forth below from Bloomberg Financial Markets.
T he Boe ing Com pa ny ("BA")
The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides
related support services to the commercial airline industry worldwide. The company also researches, develops, produces, modifies,
and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems.
The company's common stock is listed on the New York Stock Exchange under the ticker symbol "BA."
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The graph below illustrates the performance of the Reference Stock from January 1, 2009 to September 13, 2019, reflecting the Initial Stock
Price of $379.76. The red line represents the Coupon Barrier and Trigger Price of $265.83, which is equal to 70% of the Initial Stock Price
(rounded to two decimal places).
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SU PPLEM EN T AL DI SCU SSI ON OF
U .S. FEDERAL I N COM E T AX CON SEQU EN CES
The following disclosure supplements, and to the extent inconsistent supersedes, the discussion in the product prospectus supplement dated
September 10, 2018 under "Supplemental Discussion of U.S. Federal Income Tax Consequences."
Under Section 871(m) of the Code, a "dividend equivalent" payment is treated as a dividend from sources within the United States. Such
payments generally would be subject to a 30% U.S. withholding tax if paid to a non-U.S. holder. Under U.S. Treasury Department regulations,
payments (including deemed payments) with respect to equity-linked instruments ("ELIs") that are "specified ELIs" may be treated as dividend
equivalents if such specified ELIs reference an interest in an "underlying security," which is generally any interest in an entity taxable as a
corporation for U.S. federal income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend. However,
the IRS has issued guidance that states that the U.S. Treasury Department and the IRS intend to amend the effective dates of the U.S. Treasury
Department regulations to provide that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one
instruments and that are issued before January 1, 2021. Based on our determination that the Notes are not delta-one instruments, non-U.S.
holders should not be subject to withholding on dividend equivalent payments, if any, under the Notes. However, it is possible that the Notes
could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting the Reference Stock
or the Notes, and following such occurrence the Notes could be treated as subject to withholding on dividend equivalent payments. Non-U.S.
holders that enter, or have entered, into other transactions in respect of the Reference Stock or the Notes should consult their tax advisors as to
the application of the dividend equivalent withholding tax in the context of the Notes and their other transactions. If any payments are treated as
dividend equivalents subject to withholding, we (or the applicable withholding agent) would be entitled to withhold taxes without being required
to pay any additional amounts with respect to amounts so withheld.
The accompanying product prospectus supplement notes that FATCA withholding on payments of gross proceeds from a sale or redemption of
Notes will only apply to payments made after December 31, 2018. That discussion is modified to reflect regulations proposed by the U.S.
Treasury Department in December 2018 indicating an intent to eliminate the requirement under FATCA of withholding on gross proceeds of the
disposition of financial instruments. The U.S. Treasury Department has indicated that taxpayers may rely on these proposed regulations pending
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their finalization. Prospective investors are urged to consult with their own tax advisors regarding the possible implications of FATCA on their
investment in the Notes.
SU PPLEM EN T AL PLAN OF DI ST RI BU T I ON (CON FLI CT S OF I N T EREST )
Delivery of the Notes will be made against payment for the Notes on September 18, 2019, which is the third (3rd) business day following the
Trade Date (this settlement cycle being referred to as "T+3"). See "Plan of Distribution" in the prospectus dated September 7, 2018. For
additional information as to the relationship between us and RBCCM, please see the section "Plan of Distribution--Conflicts of Interest" in the
prospectus dated September 7, 2018.
We expect to deliver the Notes on a date that is greater than two business days following the Trade Date. Under Rule 15c6-1 of the Exchange
Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree
otherwise. Accordingly, purchasers who wish to trade the Notes more than two business days prior to the original Issue Date will be required to
specify alternative settlement arrangements to prevent a failed settlement.
In the initial offering of the Notes, they were offered to investors at a purchase price equal to par, except with respect to certain accounts as
indicated on the cover page of this document.
The value of the Notes shown on your account statement may be based on RBCCM's estimate of the value of the Notes if RBCCM or another of
our affiliates were to make a market in the Notes (which it is not obligated to do). That estimate will be based upon the price that RBCCM may
pay for the Notes in light of then prevailing market conditions, our creditworthiness and transaction costs. For a period of approximately 6
months after the issue date of the Notes, the value of the Notes that may be shown on your account statement may be higher than RBCCM's
estimated value of the Notes at that time. This is because the estimated value of the Notes will not include the underwriting discount and our
hedging costs and profits; however, the value of the Notes shown on your account statement during that period may initially be a higher amount,
reflecting the addition of RBCCM's underwriting discount and our estimated costs and profits from hedging the Notes. This excess is expected to
decrease over time until the end of this period. After this period, if RBCCM repurchases your Notes, it expects to do so at prices that reflect their
estimated value.
We may use this pricing supplement in the initial sale of the Notes. In addition, RBCCM or another of our affiliates may use this pricing
supplement in a market-making transaction in the Notes after their initial sale. Unless we or our agent informs the purchaser otherwise in
the confirmation of sale, this pricing supplement is being used in a market-making transaction.
Each of RBCCM and any other broker-dealer offering the Notes have not offered, sold or otherwise made available and will not offer, sell or
otherwise make available any of the Notes to, any retail investor in the European Economic Area ("EEA"). For these purposes, the expression
"offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and
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the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, and a "retail investor" means a person who is
one (or more) of: (a) a retail client, as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (b) a customer,
within the meaning of Directive 2016/97/EU, as amended, where that customer would not qualify as a professional client as defined in point (10)
of Article 4(1) of MiFID II; or (c) not a qualified investor as defined in Regulation (EU) (2017/1129) (the "Prospectus Regulation"). Consequently,
no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes
or otherwise making them available to retail investors in the EEA has been prepared, and therefore, offering or selling the Notes or otherwise
making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
ST RU CT U RI N G T H E N OT ES
The Notes are our debt securities, the return on which is linked to the performance of the Reference Stock. As is the case for all of our debt
securities, including our structured notes, the economic terms of the Notes reflect our actual or perceived creditworthiness at the time of pricing.
In addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow the funds
under these Notes at a rate that is more favorable to us than the rate that we might pay for a conventional fixed or floating rate debt security of
comparable maturity. Using this relatively lower implied borrowing rate rather than the secondary market rate, is a factor that reduced the initial
estimated value of the Notes at the time their terms were set. Unlike the estimated value included in this pricing supplement, any value of the
Notes determined for purposes of a secondary market transaction may be based on a different funding rate, which may result in a lower value
for the Notes than if our initial internal funding rate were used.
In order to satisfy our payment obligations under the Notes, we may choose to enter into certain hedging arrangements (which may include call
options, put options or other derivatives) on the issue date with RBCCM or one of our other subsidiaries. The terms of these hedging
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Document Outline

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