New Issue: RBC prices $3.5 million digital notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., Nov. 23 – Royal Bank of Canada priced $3.5 million of 0% digital notes due Nov. 21, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above its initial level, the payout at maturity will be $1,470 per $1,000 principal amount of notes.

Investors will be fully exposed to any index decline.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Digital notes
Underlying index:	S&P 500 index
Amount:	$3.5 million
Maturity:	Nov. 21, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above initial level, $1,470 per $1,000 principal amount of notes; otherwise, full exposure to loss
Initial index level:	3,965.34
Pricing date:	Nov. 18
Settlement date:	Nov. 23
Agent:	RBC Capital Markets, LLC
Fees:	1.5%
Cusip:	78016H6Z8

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