New Issue: RBC prices $2.71 million levered market plus notes on S&P 500

By William Gullotti

Buffalo, N.Y., April 28 – Royal Bank of Canada priced $2.71 million of 0% levered market plus notes due April 24, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 1.128 times any index gain.

Investors will receive par if the index falls by up to 25%. Otherwise, investors will be fully exposed to the index’s decline from its initial level.

RBC Capital Markets, LLC is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.

Issuer:	Royal Bank of Canada
Issue:	Levered market plus notes
Underlying index:	S&P 500 index
Amount:	$2.71 million
Maturity:	April 24, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.128 times any index gain; par if index falls by 25% or less; otherwise, 1% loss for every 1% decline in the index from initial level
Initial level:	4,133.52
Barrier level:	3,100.14; 75% of initial level
Pricing date:	April 21
Settlement date:	April 26
Underwriter:	RBC Capital Markets, LLC
Placement agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	2%
Cusip:	78016HYY0

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