New Issue: RBC sells $542,000 buffered return enhanced notes on S&P 500

By Sarah Lizee

Olympia, Wash., May 28 – Royal Bank of Canada priced $542,000 of 0% buffered return enhanced notes due May 28, 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 1.1 times any gain.

If the index declines by up to 15%, the payout will be par. Investors will lose 1.17647% 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:	$542,000
Maturity:	May 28, 2025
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	Par plus 1.1 times any index gain; par if index declines by up to 15%; 1.17647% loss for every 1% decline beyond 15%
Initial value:	2,948.51
Buffer level:	2,506.23, 85% of initial level
Pricing date:	May 22
Settlement date:	May 28
Agent:	RBC Capital Markets, LLC with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
Fees:	3%
Cusip:	78015KXA7

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