New Issue: RBC prices $1.25 million of buffered notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., April 25 – Royal Bank of Canada priced $1.25 million of buffered notes due April 3, 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 at maturity will be par plus the return, subject to a maximum redemption amount of par plus 11%.

If the index declines but finishes at or above the 85% buffer level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the index beyond 15%.

RBC Capital Markets, LLC is the selling agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered notes
Underlying index:	S&P 500 index
Amount:	$1.25 million
Maturity:	April 3, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the index finishes at or above initial level, par plus index return, capped at par plus 11%; if index falls by no more than 15%, par; otherwise, 1% loss for every 1% that the index declines beyond 15%
Initial level:	5,254.35
Buffer level:	4,466.2; 85% of initial level
Pricing date:	March 28
Settlement date:	April 2
Selling agent:	RBC Capital Markets, LLC
Fees:	0.5%
Cusip:	78017FLK7

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