New Issue: RBC prices $2.63 million leveraged buffered index-linked notes tied to S&P 500

By William Gullotti

Buffalo, N.Y., May 12 – Royal Bank of Canada priced $2.63 million of 0% leveraged buffered index-linked notes due May 15, 2024 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index closes above its initial level, the payout at maturity will be par plus 1.4 times the gain, up to a maximum payout of $1,170.16 per $1,000 principal amount of notes.

If the index finishes flat or falls by up to 15%, investors will receive par. Investors will lose 1.1765% for every 1% decline beyond 15% of its initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Leveraged buffered index-linked notes
Underlying index:	S&P 500
Amount:	$2,625,000
Maturity:	May 15, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If index closes above initial level, par plus 1.4 times index gain, capped at par plus 31.22%; if index finishes flat or falls by up to 15%, par; 1.1765% loss for every 1% decline beyond 15%
Initial index levels:	3,991.24
Buffer level:	85%
Pricing date:	May 9
Settlement date:	May 16
Agent:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78016FJN5

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