New Issue: RBC sells $3.83 million capped dual directional barrier notes on S&P 500

By William Gullotti

Buffalo, N.Y., May 1 – Royal Bank of Canada priced $3.83 million of 0% capped dual directional barrier notes due May 8, 2024 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

The payout at maturity will be par plus any index gain, subject to a maximum return of par plus 7%.

If the index falls by up to 29%, the payout will be par plus the absolute value of the index return.

Otherwise, investors will lose 1% for each 1% decline of the index from its initial level.

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

Issuer:	Royal Bank of Canada
Issue:	Capped dual directional barrier notes
Underlying index:	S&P 500
Amount:	$3,834,000
Maturity:	May 8, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at 7%; if index falls by up to 29%, par plus absolute value of return; otherwise, 1% loss for each 1% decline below initial level
Initial index level:	4,133.52
Barrier level:	2,934.8; 71% of initial level
Pricing date:	April 21
Settlement date:	April 26
Agent:	RBC Capital Markets, LLC
Placement agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	78016HYU8

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