New Issue: RBC prices $7.51 million leveraged index-linked notes tied to S&P 500

Chicago, Nov. 10 – Royal Bank of Canada priced $7.51 million of 0% leveraged index-linked notes due Aug. 15, 2025 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index closes above its initial level, the payout at maturity will be par plus two times the gain, up to a maximum payout of par plus 25.78%. Investors will lose 1% for every 1% decline from its initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Leveraged index-linked notes
Underlying index:	S&P 500 index
Amount:	$7,510,000
Maturity:	Aug. 15, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If index closes above initial level, par plus two times its gain, up to maximum settlement amount of $1,257.80 per $1,000 principal amount; 1% loss for every 1% decline from initial level
Initial index level:	4,378.38
Pricing date:	Nov. 7
Settlement date:	Nov. 14
Agent:	RBC Capital Markets, LLC
Fees:	1.84%
Cusip:	78016N4E4

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