Obligation Royal Bank of Canada 0% ( US78015KKV51 ) en USD

Royal Bank of Canada

100 % ⇌

Canada

US78015KKV51 ( en USD )

19/04/2023 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78015KKV51 en USD 0%, échue

1 000 USD

3 155 000 USD

78015KKV5

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 US78015KKV51, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 19/04/2023

424B2 1 form424b2.htm BAC C JPM BASKET 78015KKV5
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
$3,155,000

Auto-Callable Contingent Coupon Barrier Notes
Dated April 14, 2020
Linked to a Basket of Three Equity Securities,

Due April 19, 2023
To the Product Prospectus Supplement No. CCBN-1, Dated September 10,
Royal Bank of Canada
2018, and the Prospectus Supplement and the Prospectus, Each Dated
September 7, 2018
Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the "Notes") linked to an equally-weighted basket (the "Basket") of three
equity securities (each, a "Basket Component," and collectively, the "Basket Components"). 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 Basket Components and their ticker symbols are: Bank of America Corporation ("BAC"), Citigroup Inc. ("C") and JPMorgan Chase & Co. ("JPM"). The
Initial Basket Level was set to 100.00.
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 :
April 14, 2020
Princ ipa l Am ount :
$1,000 per Note
I ssue Da t e :
April 17, 2020
M a t urit y Da t e :
April 19, 2023
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 :
April 14, 2023
Cont inge nt Coupon Ra t e :
10.25% per annum
Cont inge nt Coupon:
If the Observation Level (as defined below) of the Basket is greater than or equal to its Coupon Barrier (60% of the Initial
Value) on the applicable Observation Date, we will pay the Contingent Coupon applicable to the corresponding 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 the Notes are not previously called, we will pay you at maturity an amount based on the Final Basket Level (as defined
(if
below).
he ld 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 Basket Level is less than
the Trigger Level (60% of the Initial Value).
If the Final Basket Level is less than its Trigger Level, then the investor will receive at maturity, for each $1,000 in principal
amount, an amount that is less than the principal amount, representing the percentage decrease in the value of the Basket from
the Trade Date to the Valuation Date.
Investors in the Notes could lose some or all of their principal amount if the Final Basket Level is less than the Trigger
Level.
Ca ll Fe a t ure :
If the Observation Level of the Basket is greater than or equal to the Initial Basket Level starting on April 14, 2021 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:
78015KKV5

Per Note

Total
Price to public(1)
100.00%

$3,155,000.00
Underwriting discounts and commissions(1)
2.25%

$70,987.50
Proceeds to Royal Bank of Canada
https://www.sec.gov/Archives/edgar/data/1000275/000114036120008974/form424b2.htm[4/16/2020 8:31:33 AM]

97.75%

$3,084,012.50
(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 $917.90 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.
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to a Basket of Three Equity Securities
Royal Bank of Canada
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 a basket (the "Basket") of three equity securities (the "Reference Stocks," or the
"Basket Components").
Issuer:
Royal Bank of Canada ("Royal Bank")
Trade Date:
April 14, 2020
Issue Date:
April 17, 2020
Valuation Date:
April 14, 2023
Maturity Date:
April 19, 2023
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 Observation Level of the Basket 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 Observation Level of the Basket 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.
Observation Level:
The "Observation Level" will be calculated based on the weighted returns of the Reference Stocks as of
the applicable Observation Date, and will be equal to:
100 + (1/3 of the Reference Stock Return for BAC) + (1/3 of the Reference Stock Return for C) + (1/3 of
the Reference Stock Return for JPM).
Reference Stock Return: For each Reference Stock, the Reference Stock Return will be:
Observation Price Initial Price
Initial Price
Initial Price:
For each Reference Stock, its closing price on the Trade Date, as determined by the Calculation Agent:
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BAC: $23.73
C: $45.42
JPM: $95.50
Each Initial Price is subject to adjustment, as set forth in the product prospectus supplement.
P-2
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to a Basket of Three Equity Securities
Royal Bank of Canada
Observation Price:
For each Reference Stock, its closing price on the applicable Observation Date, as determined by the
Calculation Agent, subject to adjustment as set forth in the product prospectus supplement.
Contingent Coupon Rate: 10.25% per annum (2.5625% of the principal amount on each applicable Coupon Payment Date).
Observation Dates:
Quarterly, on July 14, 2020, October 14, 2020, January 14, 2021, April 14, 2021, July 14, 2021, October
14, 2021, January 14, 2022, April 14, 2022, July 14, 2022, October 14, 2022, January 17, 2023 and the
Valuation Date.
Coupon Payment Dates: The Contingent Coupon, if payable, will be paid quarterly on July 17, 2020, October 19, 2020, January
20, 2021, April 19, 2021, July 19, 2021, October 19, 2021, January 20, 2022, April 20, 2022, July 19,
2022, October 19, 2022, January 20, 2023 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, starting on April 14, 2021 and on any Observation Date thereafter, the Observation Level of the
Basket is greater than or equal to the Initial Basket Level, then the Notes will be automatically called.
Payment if Called:
If the Notes are automatically called, then, on the applicable Coupon Payment Date, for each $1,000
principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on that Coupon
Payment Date (if payable).
Call Settlement Dates:
If the Notes are called on an Observation Date, the Call Settlement Date will be the Coupon Payment
Date corresponding to that Observation Date.
Initial Basket Level:
100.00
Final Basket Level:
The Observation Level of the Basket on the final Observation Date (the Valuation Date).
Trigger Level and Coupon 60.00, or 60% of the Initial Basket Level.
Barrier:
Payment at Maturity (if
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Basket
not previously called and Level:
held to maturity):
· If the Final Basket Level is greater than or equal to the Trigger Level, 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 Basket Level is less than the Trigger Level, you will receive at maturity, for each $1,000
in principal amount, an amount calculated as follows:
$1,000 + ($1,000 x Percentage Change)
The amount that you will receive in this case will be less than your principal amount, if anything,
resulting in a loss that is proportionate to the decline in the value of the Basket from the Trade Date to
the Valuation Date. Investors in the Notes will lose some or all of their principal amount if the Final
Basket Level is less than its Trigger Level.
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Stock Settlement
Not applicable. Payments on the Notes will be made solely in cash.
Percentage Change:
Final Basket Level Initial Basket Level
Initial Basket Level
P-3
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to a Basket of Three Equity Securities
Royal Bank of Canada
Market Disruption Events: The occurrence of a market disruption event (or a non-trading day) as to any of the Reference
Stocks will result in the postponement of an Observation Date or the Valuation Date as to that
Reference Stock, as described in the product prospectus supplement, but not to any non-affected
Reference Stock.
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 Stocks 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-Entry Issuance" in the
prospectus dated September 7, 2018).
Terms Incorporated in the All of the terms appearing above the item captioned "Secondary Market" on pages P-2 and P-3 of
Master Note:
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
Linked to a Basket of Three Equity Securities
Royal Bank of Canada
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. In particular, please note that the return on the
https://www.sec.gov/Archives/edgar/data/1000275/000114036120008974/form424b2.htm[4/16/2020 8:31:33 AM]

Notes is linked to a basket of common stocks. 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 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
Linked to a Basket of Three Equity Securities
Royal Bank of Canada
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 Basket, assuming the following terms and that the Notes are not
automatically called prior to maturity:
Initial Basket Level:
100.00
Trigger Level and Coupon Barrier:
60.00, which is 60% of the Initial Basket Level
Contingent Coupon Rate:
10.25% per annum (or 2.5625% of the principal amount on each
applicable Coupon Payment Date)
Contingent Coupon Amount:
$25.625 for each applicable Coupon Payment Date
Observation Dates:
Quarterly
Principal Amount:
$1,000 per Note
H ypot he t ic a l Fina l
Pa ym e nt a t M a t urit y
Pa ym e nt a t M a t urit y
Ba sk e t Le ve l
a s Pe rc e nt a ge of
(a ssum ing t ha t t he N ot e s

Princ ipa l Am ount
w e re not pre viously c a lle d)
$150.00
102.5625%*
$1,025.625*
$140.00
102.5625%*
$1,025.625*
$130.00
102.5625%*
$1,025.625*
$120.00
102.5625%*
$1,025.625*
$110.00
102.5625%*
$1,025.625*
$100.00
102.5625%*
$1,025.625*
$90.00
102.5625%*
$1,025.625*
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$80.00
102.5625%*
$1,025.625*
$70.00
102.5625%*
$1,025.625*
$60.00
102.5625%*
$1,025.625*
$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
0.00%
$0.00
* Including the final Contingent Coupon, if payable.
P-6
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to a Basket of Three Equity Securities
Royal Bank of Canada
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 va lue of t he Ba sk e t inc re a se s by 4 0 % from t he I nit ia l Ba sk e t Le ve l of 1 0 0 .0 0 t o it s Fina l
Ba sk e t Le ve l of 1 4 0 .0 0 . Because the Final Basket Level is greater than its Trigger Level and Coupon Barrier, the investor
receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a cash payment of $1,000 per Note,
despite the 40% appreciation in the value of the Basket.
Ex a m ple 2 : T he va lue of t he Ba sk e t de c re a se s by 1 0 % from t he I nit ia l Ba sk e t Le ve l of 1 0 0 .0 0 t o it s Fina l
Ba sk e t Le ve l of 9 0 .0 0 . Because the Final Basket Level is greater than its Trigger Level and Coupon Barrier, the investor
receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a cash payment of $1,000 per Note,
despite the 10% decline in the value of the Basket.
Ex a m ple 3 : T he va lue of t he Ba sk e t is 5 0 .0 0 on t he V a lua t ion Da t e , w hic h is le ss t ha n it s T rigge r Le ve l a nd
Coupon Ba rrie r . Because the Final Basket Value is less than the Trigger Level and Coupon Barrier, the final Contingent
Coupon will not be payable on the Maturity Date, and the investor receives a payment of $500 per $1,000 in principal amount of
the Notes, calculated as follows:
Payment on the Notes = $1,000 x ($1,000 x -50%) = $500
* * *
The Payments at Maturity shown above are entirely hypothetical; they are based on values of the Basket that may not be achieved
on the Valuation Date and on assumptions that may prove to be erroneous. The actual market value of your Notes on the Maturity
Date or at any other time, including any time you may wish to sell your Notes, may bear little relation to the hypothetical Payments
at Maturity shown above, and those amounts should not be viewed as an indication of the financial return on an investment in the
Notes or on an investment in any Reference Stock.
P-7
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to a Basket of Three Equity Securities
Royal Bank of Canada
https://www.sec.gov/Archives/edgar/data/1000275/000114036120008974/form424b2.htm[4/16/2020 8:31:33 AM]

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
Stocks. 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 value of the Basket between the Trade Date and the Valuation Date. If the Notes are not called and the
Final Basket Value on the Valuation Date is less than its Trigger Level, the amount of cash that you receive at maturity will
represent a loss of your principal that is proportionate to the decline in the value of the Basket 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 April 2021, the
Observation Level of the Basket is greater than or equal to the Initial Basket Level, 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 value of the Basket 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 Observation Value of the Basket is less than its 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 Basket Level will be less than the
Trigger Level.
·
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
Stocks. 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 April 2021, the total return on the Notes could
be limited to one year. If the Notes are not called, you may be subject to the full downside performance of the Basket 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 Stocks.
·
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 prices of the
Reference Stocks increase 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 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
P-8
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to a Basket of Three Equity Securities
Royal Bank of Canada
https://www.sec.gov/Archives/edgar/data/1000275/000114036120008974/form424b2.htm[4/16/2020 8:31:33 AM]

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.
·
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 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 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 of t he N ot e s 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 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.
·
Cha nge s in t he V a lue of One Ba sk e t Com pone nt M a y Be Offse t by Cha nge s in t he V a lue of t he Ot he r
Ba sk e t Com pone nt s  A change in the value of one Basket Component may not correlate with changes in the value of
the other Basket Components. The value of one Basket Component may increase, while the value of the other Basket
Components may not increase as much, or may even decrease. Therefore, in determining the value of the Basket as of
any time, increases in the value of one Reference Stock may be moderated, or wholly offset, by lesser increases or
decreases in the value of the other Basket Components.
·
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 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 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 share prices of the
Reference Stocks, 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 issuers of the Reference Stocks (the "Reference Stock Issuers"),
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 Stocks. This research is modified from time to time
without notice and may express
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RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to a Basket of Three Equity Securities
Royal Bank of Canada
https://www.sec.gov/Archives/edgar/data/1000275/000114036120008974/form424b2.htm[4/16/2020 8:31:33 AM]

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 share prices of the Reference Stocks, and therefore, the market value of
the Notes.
·
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 s -- The return on your Notes is unlikely
to reflect the return you would realize if you actually owned shares of the Reference Stocks. For instance, you will not
receive or be entitled to receive any dividend payments or other distributions on these securities 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 these securities may
have. Furthermore, the Reference Stocks may appreciate substantially during the term of the Notes, while your potential
return will be limited to the applicable Contingent Coupon payments.
·
Y ou M ust Re ly on Y our Ow n Eva lua t ion of t he M e rit s of a n I nve st m e nt Link e d t o t he Re fe re nc e
St oc k s -- In the ordinary course of their business, our affiliates may have expressed views on expected movements in
the Reference Stocks, and may do so in the future. These views or reports may be communicated to our clients and clients
of our 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
affiliates. For 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 our affiliates.
·
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 rs 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 rs - We are not affiliated with the Reference
Stock Issuers. However, we and our affiliates may currently, or from time to time in the future engage, in business with any
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 Stocks.
·
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.
·
T he st oc k s inc lude d in t he Ba sk e t a re c onc e nt ra t e d in one se c t or -- All of the stocks included in the Basket
are issued by companies in the financial sector. Although an investment in the Notes will not give holders any ownership or
other direct interests in the Basket Components, the return on an investment in the Notes will be subject to certain risks
associated with a direct equity investment in companies in the financial services sector. Accordingly, by investing in the
Notes, you will not benefit from the diversification which could result from an investment linked to companies that operate in
multiple sectors.
·
Adve rse c ondit ions in t he fina nc ia l se c t or m a y re duc e your re t urn on t he N ot e s -- All of the Basket
Components are issued by companies whose primary lines of business are directly associated with the financial services
sector. The profitability of these companies is largely dependent on the availability and cost of capital funds, and can
fluctuate significantly, particularly when market interest rates change. Credit losses resulting from financial difficulties of
these companies' customers can negatively impact the sector. In addition, adverse economic, business, or political
developments affecting the U.S., including with respect to the insurance sector, or to real estate and loans secured by real
estate, could have a major effect on the value of the Basket Components. As a result of these factors, the value of the
Notes may be subject to greater volatility and be more adversely affected by economic, political, or regulatory events
relating to the financial services sector.
·
Ec onom ic c ondit ions ha ve a dve rse ly im pa c t e d t he st oc k pric e s of m a ny c om pa nie s in t he fina nc ia l
se rvic e s se c t or, a nd m a y do so during t he t e rm of t he N ot e s -- In recent years, economic conditions in the
U.S. have resulted, and may continue to result, in significant losses among many companies that operate in the financial
services sector. These conditions have also resulted, and may continue to result, in a high degree of volatility in the stock
prices of financial institutions, and substantial fluctuations in the profitability of these companies. Numerous financial
services companies have experienced substantial decreases in the value of their assets, taken action to raise capital
(including the issuance of debt or equity securities), or even ceased operations. Further, companies in the financial services
sector have been subject to unprecedented government
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RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
https://www.sec.gov/Archives/edgar/data/1000275/000114036120008974/form424b2.htm[4/16/2020 8:31:33 AM]

Linked to a Basket of Three Equity Securities
Royal Bank of Canada
actions and regulation, which may limit the scope of their operations and, in turn, result in a decrease in value of these
companies. Any of these factors may have an adverse impact on the performance of the Basket Components. As a result,
the value of the Basket Components may be adversely affected by economic, political, or regulatory events affecting the
financial services sector or one of the sub-sectors of the financial services sector. This in turn could adversely impact the
market value of the Notes and decrease the payments on the Notes.
P-11
RBC Capital Markets, LLC

Auto-Callable Contingent Coupon Barrier Notes
Linked to a Basket of Three Equity Securities
Royal Bank of Canada
I N FORM AT I ON REGARDI N G T H E REFEREN CE ST OCK I SSU ERS
The Reference Stocks are 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
filed with the SEC can be obtained through the SEC's website at www.sec.gov. In addition, information regarding the Reference
Stocks 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 Issuers is derived from publicly available information.
We have not independently verified the accuracy or completeness of reports filed by the Reference Stock Issuers 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 Stocks set forth below from Bloomberg Financial
Markets.
We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
The historical performance of the Reference Stocks should not be taken as an indication of their future performance, and no
assurance can be given as to the market prices of any Reference Stock at any time during the term of the Notes. We cannot give
you assurance that the performance of any Reference Stock will not result in the loss of all or part of your investment.
Ba nk of Am e ric a Corpora t ion ("BAC")
Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-
management products and services. The company has a mortgage lending subsidiary, and an investment banking and securities
brokerage subsidiary.
The company's common stock is listed on the New York Stock Exchange ("NYSE") under the ticker symbol "BAC."
Cit igroup I nc . ("C")
Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and
corporate customers. The company's services include investment banking, retail brokerage, corporate banking, and cash
management products and services.
The company's common stock is listed on the NYSE under the ticker symbol "C."
J PM orga n Cha se & Co. ("J PM ")
JPMorgan Chase & Co. provides financial services and retail banking. The company provides services such as investment banking,
treasury and securities services, asset management, private banking, card member services, commercial banking, and home
finance.
The company's common stock is listed on the NYSE under the ticker symbol "JPM."
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RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036120008974/form424b2.htm[4/16/2020 8:31:33 AM]

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