New Issue: RBC sells $493,000 barrier absolute return notes on the Dow, Russell

By Sarah Lizee

Olympia, Wash., May 1 – Royal Bank of Canada priced $493,000 of 0% barrier absolute return notes due April 30, 2024 linked to the worse performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout at maturity will be par plus 125% of the return of the lesser performing index.

If the lesser performing index falls by up to 65%, the payout will be par plus the absolute value of the return of the lesser performing index.

If the lesser performing index falls by more than 35%, investors will lose 1% for every 1% decline of the lesser performing index below its initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier absolute return notes
Underlying indexes:	Dow Jones industrial average, Russell 2000
Amount:	$493,000
Maturity:	April 30, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 125% of any gain in lesser performing index; par plus absolute value of return of lesser performing index if it falls by up to 35%; otherwise, full exposure to decline of worse performing index from its initial level
Initial levels:	26,462.08 for Dow, 1,575.61 for Russell
Barrier levels:	17,200.35 for Dow, 1,024.15 for Russell; 65% of initial level
Pricing date:	April 25
Settlement date:	April 30
Underwriter:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78013X4Z8

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