New Issue: RBC sells $1.6 million buffered return notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., March 22 – Royal Bank of Canada priced $1.6 million of 0% buffered return notes due March 21, 2024 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 any index gain, subject to a maximum payout of par plus 19.5%.

Investors will receive par if the index declines by 25% or less and will lose 1% for every 1% that it declines beyond 25%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffered return notes
Underlying index:	S&P 500
Amount:	$1.6 million
Maturity:	March 21, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain capped at 19.5%; par if the index declines by 25% or less; otherwise, 1% loss for every 1% index decline beyond 25%
Initial level:	4,411.67
Buffer level:	3,308.75; 75% of initial level
Pricing date:	March 17
Settlement date:	March 22
Underwriter:	RBC Capital Markets, LLC
Fees:	0.5%
Cusip:	78016FGD0

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