New Issue: RBC sells $1.39 million 6.75% fixed coupon barrier notes tied to S&P 500

By William Gullotti

Buffalo, N.Y., July 8 – Royal Bank of Canada priced $1.39 million of 6.75% fixed coupon barrier notes due July 3, 2023 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the index finishes below its 75% barrier level, in which case investors will lose 1% for every 1% decline from the index’s initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Fixed coupon barrier notes
Underlying index:	S&P 500 index
Amount:	$1,393,000
Maturity:	July 3, 2023
Coupon:	6.75% per year, payable monthly
Price:	Par
Payout at maturity:	Par unless index finishes below barrier level, in which case investors will lose 1% for every 1% decline from the index’s initial level
Initial level:	3,821.55
Barrier level:	2,866.16; 75% of initial level
Pricing date:	June 28
Settlement date:	June 30
Agent:	RBC Capital Markets, LLC
Fees:	1.25%
Cusip:	78016FMP6

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