New Issue: RBC sells $580,000 barrier return notes linked to S&P 500

By Kiku Steinfeld

Chicago, March 27 – Royal Bank of Canada priced $580,000 of 0% barrier return notes due Dec. 5, 2024 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par plus the gain, capped at 65%.

If the index finishes flat or falls by up to 30%, the payout at maturity will be par.

Otherwise, investors will be fully exposed to any losses.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier return notes
Underlying index:	S&P 500 index
Amount:	$580,000
Maturity:	Dec. 5, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus gain, capped at 65%; par if index finishes flat or falls by up to 30%; otherwise, full exposure to index decline
Initial level:	4,071.70
Barrier level:	2,850.19; 70% of initial level
Pricing date:	Dec. 2
Settlement date:	Dec. 7
Agent:	RBC Capital Markets, LLC
Fees:	0.45%
Cusip:	78016HCP3

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