New Issue: RBC sells $4.6 million buffer absolute return notes linked to Stoxx index, iShares ETF

By William Gullotti

Buffalo, N.Y., Dec. 13 – Royal Bank of Canada priced $4.6 million of 0% buffer absolute return notes due Dec. 12, 2024 linked to the iShares MSCI EAFE ETF and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each underlier finishes at or above its initial level, the payout will be par plus the return of the worst performer, subject to a maximum payout of par plus 16%.

If either underlier finishes flat or falls by up to 15%, the payout will be par plus the absolute value of the return of the worst performer.

Otherwise, investors will lose 1% for every 1% decline of the worst performer beyond the buffer.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffer absolute return notes
Underlying assets:	iShares MSCI EAFE ETF, Euro Stoxx 50 index
Amount:	$4,601,000
Maturity:	Dec. 12, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If each underlier finishes at or above its initial level, par plus the return of the lesser performing underlier, capped at par plus 16%; if either underlier finishes flat or falls by up to buffer level, par plus the absolute value of the return of the worst performer; otherwise, 1% loss for every 1% decline of the worst performer beyond the buffer
Initial levels:	$72.57 for ETF, 4,483.26 for Stoxx
Buffer levels:	$61.68 for ETF, 3,810.77 for Stoxx; 85% of initial levels
Pricing date:	Dec. 6
Settlement date:	Dec. 11
Underwriter:	RBC Capital Markets, LLC
Fees:	0.7%
Cusip:	78016N7A9

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