New Issue: RBC prices $2.19 million buffered absolute return notes linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, Dec. 1 – Royal Bank of Canada priced $2.19 million of 0% buffered absolute return notes due Jan. 2, 2025 linked 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 will be par plus the return of the index, capped at par plus 10.5%.

If the index finishes flat or falls by up to 10%, the payout will be par plus the absolute value of the return.

Otherwise, investors will lose 1% for every 1% decline of the index beyond the buffer.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffered absolute return notes
Underlying index:	S&P 500 index
Amount:	$2,185,000
Maturity:	Jan. 2, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the index finishes at or above its initial level, par plus the return of the index, capped at par plus 10.5%; if the index finishes flat or falls by up to buffer level, par plus the absolute value of the return of the index; otherwise, 1% loss for every 1% decline of the index beyond 10%
Initial level:	4,550.43
Buffer level:	4,095.39; 90% of initial level
Pricing date:	Nov. 27
Settlement date:	Nov. 30
Underwriter:	RBC Capital Markets, LLC
Fees:	1.982%
Cusip:	78016N3H8

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