RBC LLC Desk Strategists

THIS COMMUNICATION HAS BEEN GENERATED BY AN EMPLOYEE OF RBC CAPITAL MARKETS' CREDIT TRADING UNIT AND IS BEING CONVEYED TO YOU AS A SOLICITATION (FOR PURPOSES OF 17 CFR §§1.71(a)-(c) AND 23.605) FOR ENTERING INTO A DERIVATIVES TRANSACTION. 

This communication is not a research report or a product of RBC Capital Markets' Research Department.  This communication is intended for institutional investors and may not be independent of RBC Capital Markets’ proprietary interests. RBC Capital Markets may trade the securities discussed in this communication for its own account and on a discretionary basis on behalf of certain clients.

This electronic communication has been prepared by a Desk Sector Strategist within the Sales and Trading department of the Global Fixed Income & Currencies Division of RBC Capital Markets, LLC.  Desk Sector Strategists provide trading commentary related to real-time market events and are not part of the Research department of RBC Capital Markets, LLC.  The views expressed in this electronic communication may differ from those expressed by departments of RBC Capital Markets, LLC other than the Sales and Trading department, including the Research department.  Unless otherwise specified, the information in the body of this communication is intended to provide market commentary, is not intended to provide a sufficient basis for an investment decision and should not be considered a Research Report. The information contained in the body of this communication is derived from sources deemed to be reliable but may not be accurate or complete, and RBC Capital Markets, LLC does not undertake any obligation to update this material. This communication is neither an offer to sell nor a solicitation to buy any security. All electronic communications received by or sent from RBC Capital Markets, LLC or its affiliates are retained and subject to review. These communications may be produced to regulatory authorities or others with legal right to the information.  To the full extent permitted by law neither RBC Capital Markets, LLC nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss arising from any use of the information contained herein. No matter contained in this communication may be reproduced or copied by any means without the prior consent of RBC Capital Markets, LLC.

We are writing to you on behalf of the Royal Bank of Canada and certain of its branches, subsidiaries and affiliates (each an “RBC Group Company” and collectively, the “RBC Group”).  This disclosure is being provided as the contents of this communication may contain an "investment recommendation", as defined by the Market Abuse Regulation EU No 596/2014 ("MAR"). Please therefore be aware of the important disclosures found on: https://www.rbccm.com/rbccm/legal/sales-note-disclosures-under-the-market-abuse-regime.page