New Issue: RBC prices $2.02 million geared buffered enhanced return notes linked to S&P

By William Gullotti

Buffalo, N.Y., Aug. 11 – Royal Bank of Canada priced $2.02 million of 0% geared buffered enhanced return notes due Nov. 22, 2023 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 1.5 times the index return, capped at 21.75%. Investors will receive par if the index declines by 15% or less and will lose 1.17647% for every 1% that the index declines beyond 15%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Geared buffered enhanced return notes
Underlying index:	S&P 500
Amount:	$2,015,000
Maturity:	Nov. 22, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus 1.5 times index return, capped at par plus 21.75%; par if index declines by 15% or less; 1.17647% loss for every 1% that index declines beyond 15% buffer
Initial index level:	4,163.29
Buffer level:	3,538.8; 85% of initial level
Pricing date:	May 17
Settlement date:	May 20
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78016ET49

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