New Issue: RBC sells $4.9 million of 4.3% geared buffered notes linked to S&P 500

By Devika Patel

Knoxville, Tenn., July 18 – Royal Bank of Canada priced $4.9 million of 4.3% geared buffered notes due July 20, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable semiannually.

The payout at maturity will be par unless the index finishes below its geared buffer level, 75% of the initial level, in which case investors will lose 1.33% for each 1% decline beyond 25%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Geared buffered fixed coupon notes
Underlying index:	S&P 500
Amount:	$4.9 million
Maturity:	July 20, 2021
Coupon:	4.3%
Price:	Par
Payout at maturity:	Par, unless index finishes below its geared buffer level, in which case 1.33% loss for every 1% decline beyond 25%
Initial index level:	2,161.74
Geared buffer level:	1,621.31, 75% of initial level
Pricing date:	July 26
Settlement date:	July 29
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78012KQZ3

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