New Issue: RBC prices $2.27 million capped upside participation market-linked securities on S&P

By William Gullotti

Buffalo, N.Y., May 5 – Royal Bank of Canada priced $2.27 million of 0% market-linked securities with capped upside participation and fixed percentage buffered downside due Nov. 3, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any index gain, subject to a maximum return of par plus 13%.

Investors will receive par if the index falls by up to 12.5% and will lose 1% for every 1% decline beyond 12.5%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Market-linked securities, upside participation to a cap and fixed percentage buffered downside
Underlying index:	S&P 500 index
Amount:	$2,266,000
Maturity:	Nov. 3, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at 13%; if the index falls by up to 12.5%, par; otherwise, lose 1% for each 1% decline in index beyond 12.5%
Initial level:	4,287.5
Buffer level:	3,751.5625; 87.5% of initial level
Pricing date:	April 28
Settlement date:	May 3
Agent:	Wells Fargo Securities, LLC
Fees:	2.6%
Cusip:	78016FHZ0

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