New Issue: RBC prices $1.07 million digital notes with barrier linked to S&P 500

By William Gullotti

Buffalo, N.Y., April 3 – Royal Bank of Canada priced $1.07 million of 0% digital notes with barrier due March 29, 2028 tied 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 par plus 57%.

If the index declines but finishes at or above barrier level, 75% of initial level, the payout will be par plus the absolute value of the index return.

Otherwise, investors will be fully exposed to the decline of the index from its initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Digital notes with barrier
Underlying index:	S&P 500 index
Amount:	$1,065,000
Maturity:	March 29, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If the index finishes at or above initial level, par plus 57%; if index declines by no more than 25%, par plus absolute value of index return; otherwise, full exposure to decline from initial level
Initial level:	3,970.99
Barrier level:	2,978.24; 75% of initial level
Pricing date:	March 24
Settlement date:	March 29
Agent:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78016HU73

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