By William Gullotti
Buffalo, N.Y., June 30 – Royal Bank of Canada priced $1.79 million of barrier absolute return notes due Dec. 29, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above its initial level, the payout at maturity will be par plus 41% of the index return.
If the index declines up to the barrier level, 70% of the initial index level, the payout will be par plus the absolute value of the index return.
Otherwise, investors will lose 1% for every 1% decline of the index from its initial level.
RBC Capital Markets LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Barrier absolute return notes
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| Underlying index: | S&P 500 index
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| Amount: | $1.79 million
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| Maturity: | Dec. 29, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If index finishes at or above its initial level, par plus 41% of the index return; if index declines no more than 30%, par plus absolute value of index return; otherwise, full exposure to the index’s decline from its initial level
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| Initial index level: | 3,911.74
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| Barrier level: | 2,738.22; 70% of initial level
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| Pricing date: | June 24
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| Settlement date: | June 29
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| Underwriter: | RBC Capital Markets LLC
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| Fees: | 2.25%
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| Cusip: | 78016FMV3
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