New Issue: RBC sells $4.89 million capped buffered return enhanced notes on S&P

By William Gullotti

Buffalo, N.Y., July 13 – Royal Bank of Canada priced $4.89 million of capped buffered return enhanced notes due July 11, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 200% of the index gain, subject to a maximum payout of par plus 35%.

If the index declines by up to 20%, the payout will be par. Otherwise, investors will lose 1.25% for each 1% decline beyond 20%.

RBC Capital Markets, LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as the placement agents.

Issuer:	Royal Bank of Canada
Issue:	Capped buffered return enhanced notes
Underlying index:	S&P 500 index
Amount:	$4,892,000
Maturity:	July 11, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is positive, the payout at maturity will be par plus 200% of the index gain, capped at par plus 35%; if the index declines by up to 20%, par; otherwise, investors will lose 1.25% for each 1% decline beyond 20%
Initial level:	3,899.38
Buffer level:	3,119.5; 80% of initial level
Pricing date:	July 8
Settlement date:	July 13
Agent:	RBC Capital Markets, LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
Fees:	2%
Cusip:	78016FNU4

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