New Issue: RBC prices $1.37 million bullish barrier enhanced return notes tied to S&P 500

By Jennifer Chiou

New York, Feb. 28 - Royal Bank of Canada priced $1,373,000 of 0% bullish barrier enhanced return notes due March 1, 2016 linked 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 on the Feb. 26, 2016 valuation date, the payout at maturity will be par plus 200% of the index return, capped at 31%.

If the index declines by up to 25%, the payout will be par. If the index declines by more than 25%, investors will be fully exposed to losses from the initial index level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Bullish barrier enhanced return notes
Underlying index:	S&P 500
Amount:	$1,373,000
Maturity:	March 1, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive on Feb. 26, 2016 valuation date, par plus 200% of the index return, capped at 31%; if index falls by up to 25%, par; otherwise, full exposure to losses from initial index level
Initial level:	1,496.94
Barrier level:	1,122.71, 75% of initial level
Pricing date:	Feb. 26
Settlement date:	Feb. 28
Agent:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78008SA22

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