New Issue: RBC prices $11.91 million leveraged buffered index-linked notes tied to S&P 500

By William Gullotti

Buffalo, N.Y., Sept. 26 – Royal Bank of Canada priced $11.91 million of 0% leveraged buffered index-linked notes due Jan. 23, 2024 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par plus 1.5 times the gain, up to a maximum payout of par plus 24.6%.

If the index finishes flat or falls by up to 10%, investors will receive par. Otherwise, investors will lose 1.1111% for every 1% decline beyond 10%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Leveraged buffered index-linked notes
Underlying index:	S&P 500
Amount:	$11,907,000
Maturity:	Jan. 23, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes above initial level, par plus 1.5 times index gain, capped at par plus 24.6%; if index finishes flat or falls by up to 10%, par; 1.1111% loss for every 1% decline beyond 10%
Initial index levels:	3,789.93
Buffer level:	90%
Pricing date:	Sept. 21
Settlement date:	Sept. 28
Agent:	RBC Capital Markets, LLC
Fees:	0.97%
Cusip:	78016FUL6

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