New Issue: RBC sells $2.21 million buffered return notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., June 2 – Royal Bank of Canada priced $2.21 million of 0% buffered return notes due May 30, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 103% of the index gain. Investors will receive par if the index declines by 20% or less and will lose 1% for every 1% that it declines beyond 20%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffered return notes
Underlying index:	S&P 500
Amount:	$2,209,000
Maturity:	May 30, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 103% of any index gain; par if the index declines by 20% or less; 1% loss for every 1% index decline beyond 20%
Initial level:	3,941.48
Buffer level:	3,153.18, 80% of initial level
Pricing date:	May 24
Settlement date:	May 27
Underwriter:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78016FKD5

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