New Issue: RBC prices $1.5 million digital return notes with buffer tied to SPDR S&P Bank ETF

By Wendy Van Sickle

Columbus, Ohio, Sept. 30 – Royal Bank of Canada priced $1.5 million of 0% digital return notes due Oct. 2, 2018 linked to the SPDR S&P 500 Bank exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the final ETF level is greater than or equal to the initial level, the payout at maturity will be par plus 18.55%. Investors will receive par if the ETF falls by up to 10% and will have 1-to-1 exposure to losses beyond 10%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Digital return notes
Underlying ETF:	SPDR S&P 500 Bank
Amount:	$1.5 million
Maturity:	Oct. 2, 2018
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF finishes at or above initial level, par plus 18.55%; par if ETF declines by up to 10%; otherwise, 1% loss per 1% drop beyond 10%
Initial level:	$33.05
Buffer level:	$29.75, 90% of initial price
Pricing date:	Sept. 27
Settlement date:	Sept. 30
Agent:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78012KTV9

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