New Issue: RBC prices $7.95 million 8.05% geared buffered notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., Nov. 23 – Royal Bank of Canada priced $7.95 million of 8.05% geared buffered notes due May 22, 2024 linked to the worst performing of 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 buffer level, 75% of the initial price, in which case investors will lose 1.333% for every 1% decline of the index beyond the 25% buffer.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Geared buffered notes
Underlying index:	S&P 500 index
Amount:	$7,945,000
Maturity:	May 22, 2024
Coupon:	8.05% annualized, payable monthly
Price:	Par
Payout at maturity:	Par unless the index falls below buffer level, in which case investors will lose 1.333% for every 1% decline of the index beyond 25%
Initial level:	3,946.56
Buffer level:	2,959.92; 75% of initial level
Strike date:	Nov. 17
Pricing date:	Nov. 18
Settlement date:	Nov. 23
Agent:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78016HBR0

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