New Issue: RBC prices $2 million notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., Nov. 9 – Royal Bank of Canada priced $2 million of 0% notes due Nov. 6, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index gains more than 28%, the payout at maturity will be par plus 28% plus 2.05 times the gain above 28%, subject to a maximum return of par plus 140.75%.

If the index finishes flat or gains up to 28%, the payout will be par plus the return.

Investors will be fully exposed to any index decline.

RBC Capital Markets LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Notes
Underlying index:	S&P 500 index
Amount:	$2 million
Maturity:	Nov. 6, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains by more than 28%, par plus 28% plus 2.05 times the gain above 28%, capped at par plus 140.75%; if index finishes flat or gains by up to 28%, par plus index return; otherwise, 1% loss for each 1% decline
Initial level:	Average of the index closing levels during the period from Nov. 1 to Feb. 1, 2024, inclusive
Pricing date:	Nov. 3
Settlement date:	Nov. 8
Agent:	RBC Capital Markets, LLC
Fees:	0.25%
Cusip:	78016N4N4

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