New Issue: RBC sells $70,000 levered market plus notes linked to S&P 500

By Marisa Wong

Los Angeles, May 27 – Royal Bank of Canada priced $70,000 of 0% levered market plus notes due May 16, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the initial index level, the payout at maturity will be par plus 1.375 times the index gain.

Investors will receive par if the index declines by 20% or less. If the index falls by more than 20%, investors will loss 1% for every 1% that the index declines from the initial index level.

RBC Capital Markets, LLC is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.

Issuer:	Royal Bank of Canada
Issue:	Levered market plus notes
Underlying index:	S&P 500
Amount:	$70,000
Maturity:	May 16, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.375 times any index gain; par if index declines by 20% or less; otherwise, 1% loss for every 1% that index declines from initial index level
Initial level:	2,870.12
Barrier level:	2,296.10, or 80% of initial level
Final level:	Average of index’s closing levels on five trading days ending May 13, 2025
Strike date:	May 12
Pricing date:	May 13
Settlement date:	May 18
Underwriter:	RBC Capital Markets, LLC
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	3%
Cusip:	78015KUJ1

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