New Issue: RBC prices $1.33 million capped dual directional barrier notes linked to S&P 500

Chicago, April 15 – Royal Bank of Canada priced $1.33 million of 0% capped dual directional barrier notes due April 22, 2021 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

The payout at maturity will be par plus any index gain, subject to a maximum return of 20%.

If the index falls by up to 16%, the payout will be par plus the absolute value of the index return.

Otherwise, investors will lose 1% for each 1% decline of the index from its initial level.

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

Issuer:	Royal Bank of Canada
Issue:	Capped dual directional barrier notes
Underlying index:	S&P 500
Amount:	$1,325,000
Maturity:	April 22, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus return, with gain capped at 20%; if index falls by up to 16%, par plus absolute value of return otherwise, 1% loss for each 1% decline
Initial index level:	2,663.68
Trigger level:	2,237.49, 84% of initial level
Pricing date:	April 7
Settlement date:	April 13
Agent:	RBC Capital Markets, LLC
Placement agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	78015KLZ5

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