New Issue: RBC prices $4.23 million buffered digital return notes linked to S&P, Russell

By William Gullotti

Buffalo, N.Y., Jan. 11 – Royal Bank of Canada priced $4.23 million of 0% buffered digital return notes due Feb. 9, 2024 linked to the performance of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 12.85% if the laggard index finishes at or above its 90% buffer level.

If the laggard index finishes below buffer level but at or above the 75% digital barrier, the payout will be par plus 12.85% less 1% for each 1% decline of the laggard index below 10%

Otherwise, investors will lose 1% for every 1% that the laggard index declines beyond 10%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered digital return notes
Underlying indexes:	S&P 500 index, Russell 2000 index
Amount:	$4,229,000
Maturity:	Feb. 9, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 12.85% if laggard index finishes at or above buffer level; if laggard index finishes below buffer level but at or above its digital barrier, par plus 12.85% minus 1% for each 1% decline of the laggard index beyond 10%; otherwise, lose 1% for every 1% that the laggard index declines beyond 10%
Initial levels:	3,895.08 for S&P, 1,792.8 for Russell
Buffer levels:	3,505.57 for S&P, 1,613.52 for Russell; 90% of initial levels
Digital barriers:	2,921.31 for S&P, 1,344.6 for Russell; 75% of initial levels
Pricing date:	Jan. 6
Settlement date:	Jan. 11
Agent:	RBC Capital Markets, LLC
Fees:	0.65%
Cusip:	78016HMN7

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