New Issue: RBC prices $950,000 barrier enhanced return notes linked to S&P 500

By Taylor Fox

New York, Nov. 23 – Royal Bank of Canada priced $950,000 of 0% barrier enhanced return notes due Nov. 16, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 110% of the index gain. If the index declines by up to 20%, the payout will be par. If the index declines by more than 20%, investors will be fully exposed to losses from the initial index level.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Barrier enhanced return notes
Underlying index:	S&P 500
Amount:	$950,000
Maturity:	Nov. 16, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus 110% of gain; if index falls by up to 20%, par; otherwise, full exposure to losses from initial index level
Initial index level:	3,572.66
Barrier level:	2,858.13, 80% of initial level
Pricing date:	Nov. 11
Settlement date:	Nov. 16
Underwriter:	RBC Capital Markets, LLC
Fees:	2.75%
Cusip:	78016ENB9

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