New Issue: RBC prices $3.42 million callable contingent coupon barrier notes on S&P

By Kiku Steinfeld

Chicago, Nov. 18 – Royal Bank of Canada priced $3.42 million of issuer callable contingent coupon barrier notes due March 19, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 5% if the index closes at or above its 60% coupon barrier on the observation date for that quarter.

The notes will be callable at par on any coupon payment date after six months.

The payout at maturity will be par unless the index finishes below the 60% trigger price, in which case investors will be fully exposed to the decline.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Issuer callable contingent coupon barrier notes
Underlying index:	S&P 500 index
Amount:	$3,424,000
Maturity:	March 19, 2026
Coupon:	5%, payable quarterly if index closes at or above coupon barrier on observation date for that quarter
Price:	Par
Payout at maturity:	Par unless index finishes below trigger level, in which case investors will be fully exposed to the decline
Call:	At par on any coupon payment date after six months
Initial level:	3,236.92
Coupon barrier/trigger price:	1,942.15, 60% of initial level
Pricing date:	Sept. 23
Settlement date:	Sept. 28
Agents:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78015KZH0

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