New Issue: RBC sells $3.05 million barrier notes tied to S&P, Dow

By Sarah Lizee

Olympia, Wash., March 2 – Royal Bank of Canada priced $3.05 million 0% barrier notes due Aug. 28, 2025 tied to the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any gain of the least performing index.

If either index falls by up to 50%, the payout will be par.

If either index falls by more than 50%, investors will have full exposure to the decline of the worse performing index.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Barrier notes
Underlying indexes:	S&P 500 index and Dow Jones industrial average
Amount:	$3,053,000
Maturity:	Aug. 28, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any gain of the least performing index; if either index falls by up to barrier level, par; otherwise, full exposure to the decline of the worse performing index
Initial levels:	3,128.21 for S&P, 27,081.36 for Dow
Barrier levels:	1,564.11 for S&P, 13,540.68 for Dow, 50% of initial levels
Pricing date:	Feb. 25
Settlement date:	Feb. 28
Agent:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78015KNP5

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