New Issue: RBC prices $1.25 million contingent coupon barrier notes linked to S&P, Dow

By William Gullotti

Buffalo, N.Y., Jan. 5 – Royal Bank of Canada priced $1.25 million of contingent coupon barrier notes due Dec. 27, 2027 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annual rate of 6.8% if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.

The payout at maturity will be par plus the final coupon unless either index finishes below the 60% trigger level, in which case investors will lose 1% for each 1% that the lesser-performing index declines from initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Contingent coupon barrier notes
Underlying indexes:	S&P 500 index, Dow Jones industrial average
Amount:	$1,248,000
Maturity:	Dec. 27, 2027
Coupon:	6.8%, payable quarterly if each index closes at or above coupon barrier level on observation date for that period
Price:	Par
Payout at maturity:	Par plus coupon unless either index finishes below trigger level, in which case investors will lose 1% for each 1% that the lesser-performing index declines from initial level
Initial index levels:	3,878.44 for S&P, 33,376.48 for Dow
Coupon barriers:	2,327.06 for S&P, 20,025.89 for Dow; 60% of initial index levels
Trigger levels:	2,327.06 for S&P, 20,025.89 for Dow; 60% of initial index levels
Pricing date:	Dec. 21
Settlement date:	Dec. 27
Agent:	RBC Capital Markets, LLC
Fees:	3%
Cusip:	78016HH29

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