New Issue: RBC prices $1 million bearish barrier digital notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., Feb. 10 – Royal Bank of Canada priced $1 million of 0% bearish barrier digital notes due Nov. 9, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is zero or negative, the payout at maturity will be par plus 17%.

If the index return is positive but less than or equal to 15%, the payout will be par.

If the index return is greater than 15%, investors will lose 1% for every 1% that the index gains.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Bearish barrier digital notes
Underlying index:	S&P 500 index
Amount:	$1 million
Maturity:	Nov. 9, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is zero or negative, par plus 17%; if index return is positive but less than or equal to 15%, par; if index return is greater than 15%, 1% loss for every 1% that index gains from initial level
Initial level:	4,111.08
Barrier level:	4,727.74; 115% of initial level
Strike date:	Feb. 6
Pricing date:	Feb. 7
Settlement date:	Feb. 10
Underwriter:	RBC Capital Markets, LLC
Fees:	0.5%
Cusip:	78016HRX0

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