New Issue: RBC prices $1.5 million buffered bullish return notes on S&P

By Devika Patel

Knoxville, Tenn., April 26 – Royal Bank of Canada priced $1.5 million of 0% buffered bullish return notes due Oct. 25, 2019 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

The payout at maturity will be par plus any index gain, subject to a maximum return of 129.75% of par.

Investors will receive par if the index falls by up to 26.5% and will lose 1.3605% for every 1% decline beyond 26.5%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered bullish return notes
Underlying index:	S&P 500
Amount:	$1.5 million
Maturity:	Oct. 25, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus the index gain, capped at 129.75% of par; par if index falls up to 26.5%; 1.3605% loss for every 1% decline beyond 20%
Initial level:	2,091.58
Buffer level:	1,537.31, 73.5% of initial level
Pricing date:	April 22
Settlement date:	April 27
Underwriter:	RBC Capital Markets, LLC
Fees:	3%
Cusip:	78012KNR4

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