New Issue: RBC prices $1.26 million buffered bullish return notes tied to S&P 500

By Susanna Moon

Chicago, May 5 – Royal Bank of Canada priced $1.26 million of 0% buffered bullish enhanced return notes due April 30, 2021 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 102% of any index gain, up to a maximum return of 29.75%.

Investors will receive par if the index falls by up to 20% and will be exposed to any losses beyond 20%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered bullish enhanced return notes
Underlying index:	S&P 500
Amount:	$1,256,000
Maturity:	April 30, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 102% of any index gain, capped at 129.75% of par; par if index falls up to 20%; 1% loss for every 1% decline beyond 20%
Initial level:	2,091.70
Pricing date:	April 26
Settlement date:	April 29
Underwriter:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78012KMR5

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