New Issue: RBC prices $686,000 geared buffered return notes linked to S&P 500

By Tali Rackner

Minneapolis, Feb. 2 – Royal Bank of Canada priced $686,000 of 0% geared buffered return notes due Jan. 31, 2024 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 1.05 times the index return.

If the index falls by up to 25%, the payout will be par. Otherwise, investors will lose 1.3333% for every 1% index decline beyond 25%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Geared buffered return notes
Underlying index:	S&P 500
Amount:	$686,000
Maturity:	Jan. 31, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If the index finishes at or above the initial level, par plus 1.05 times the index return; if the index falls by up to 25%, par; otherwise, 1.3333% loss for every 1% decline beyond 25%
Initial level:	2,872.87
Buffer level:	2,154.65, 75% of initial level
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Underwriter:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78013XDP0

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