New Issue: RBC prices $1.54 million bearish buffered notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., Jan. 4 – Royal Bank of Canada priced $1.54 million of 0% bearish buffered notes due Dec. 27, 2024 linked inversely to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is zero or negative, the payout at maturity will be par plus 200% of the absolute value of the return, capped at par plus 30%.

Investors will receive par if the index gains by no more than 10% and lose 1% for every 1% gain of the index above 110% of initial level, up to a maximum loss of 90% of par.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Bearish buffered notes
Underlying index:	S&P 500 index
Amount:	$1,536,000
Maturity:	Dec. 27, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is zero or negative, par plus 200% of the absolute value of the index return, capped at par plus 30%; par if index gains up to 10%; otherwise, 1% loss for each 1% gain above 110% of initial level, up to a maximum loss of 90% of par
Initial level:	4,746.75
Pricing date:	Dec. 21
Settlement date:	Dec. 27
Underwriter:	RBC Capital Markets, LLC
Fees:	1.25%
Cusip:	78017F3H4

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