New Issue: RBC sells $1.04 million absolute return barrier notes on S&P 500

By Marisa Wong

Los Angeles, June 8 – Royal Bank of Canada priced $1.04 million of 0% absolute return barrier notes due May 31, 2022 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par plus the gain.

If the index finishes at or below the initial level but has never closed below the barrier level, 72.5% of the initial level, during the life of the notes, the payout at maturity will be par plus the absolute value of the index return.

Otherwise, investors will be fully exposed to any losses.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Absolute return barrier notes
Underlying index:	S&P 500 index
Amount:	$1,035,000
Maturity:	May 31, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain; if index finishes flat or falls but never closes below barrier level during life of notes, par plus absolute value of return; otherwise, full exposure to index decline
Initial level:	3,036.13
Barrier level:	2,201.19, 72.5% of initial level
Pricing date:	May 27
Settlement date:	May 29
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78015KWA8

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