New Issue: RBC sells $1 million geared buffered return notes tied to S&P 500

By Sarah Lizee

Olympia, Wash., Sept. 18 – Royal Bank of Canada priced $1 million of 0% geared buffered return notes due Sept. 19, 2022 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 the index gain, capped at par plus 18.35%.

If the index falls by up to 25%, the payout will be par.

Otherwise, investors will lose 1.3333% for each 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:	$1 million
Maturity:	Sept. 19, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus return, capped at par plus 18.35%; if index falls by up to 25%, par; otherwise, 1.3333% loss per 1% decline beyond 25%
Initial level:	3,383.54
Barrier levels:	2,537.66, 75% of initial level
Pricing date:	Sept. 14
Settlement date:	Sept. 17
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78015KWZ3

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