New Issue: RBC sells $2 million buffered return enhanced notes on S&P 500

By Wendy Van Sickle

Columbus, Ohio, March 17 – Royal Bank of Canada priced $2 million of 0% buffered return enhanced notes due March 14, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above its initial value, the payout at maturity will be par plus 1.262 times any gain.

If the index declines by up to 20%, the payout will be par. Investors will lose 1.25% for every 1% decline beyond the buffer.

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

Issuer:	Royal Bank of Canada
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$2 million
Maturity:	March 14, 2025
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	Par plus 1.262 times any index gain; par if index declines by up to 20%; 1.25% loss for every 1% decline beyond 20%
Initial value:	3,329.49
Buffer level:	2,193.1, 80% of initial level
Pricing date:	March 12
Settlement date:	March 17
Agent:	RBC Capital Markets, LLC with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
Fees:	3%
Cusip:	78015KPQ1

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