New Issue: RBC prices $43.45 million capped notes with absolute return buffer on S&P 500

By William Gullotti

Buffalo, N.Y., April 1 – Royal Bank of Canada priced $43.45 million of 0% capped notes with absolute return buffer due May 30, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus the index return, capped at par plus 10%.

If the index declines by up to 9.02%, the payout will be par plus the absolute value of the index return.

Otherwise, investors will lose 1% for every 1% decline beyond 9.02%.

BofA Securities, Inc. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Capped notes with absolute return buffer
Underlying index:	S&P 500 index
Amount:	$43,451,330
Maturity:	May 30, 2025
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index return is positive, par plus the return, capped at par plus 10%; if index declines by no more than 9.02%, par plus absolute value of index return; otherwise, investors will lose 1% for every 1% of index decline beyond 9.02%
Initial level:	5,248.49
Buffer level:	4,775.08; 90.98% of initial level
Pricing date:	March 27
Settlement date:	April 4
Agent:	BofA Securities, Inc.
Fees:	1.75%
Cusip:	78016R496

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