New Issue: RBC prices $875,000 capped dual directional contingent buffered notes on S&P

By Sarah Lizee

Olympia, Wash., Aug. 26 – Royal Bank of Canada priced $875,000 of 0% capped dual directional contingent buffered notes due Sept. 23, 2021 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 the initial level, the payout at maturity will be par plus the return of the index, capped at $1,027.50 per $1,000 of notes.

If the index falls by up to the 20% buffer, the return will be par plus the absolute value of the return of the index.

If the index falls more than 20%, investors will lose 1.25% for each 1% decline of the index beyond the buffer.

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

Issuer:	Royal Bank of Canada
Issue:	Capped dual directional contingent buffered notes
Underlying index:	S&P 500
Amount:	$875,000
Maturity:	Sept. 23, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If the index finishes at or above the initial level, par plus the return of the index, capped at $1,027.50 per $1,000 of notes; if the index falls by up to the buffer, par plus the absolute value of the return of the index; otherwise, 1.25% loss for each 1% decline of the index beyond the buffer
Initial level:	3,397.16
Buffer level:	2,717.73; 80% of initial level
Pricing date:	Aug. 21
Settlement date:	Aug. 26
Underwriter:	RBC Capital Markets, LLC
Placement agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.04%
Cusip:	78015KSD7

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