New Issue: RBC sells $8.04 million buffered enhanced return notes linked to S&P

By Tali Rackner

Minneapolis, Sept. 14 – Royal Bank of Canada priced $8.04 million of 0% contingent coupon buffer enhanced return notes linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at an annual rate of 4.25% if the index closes at or above its knock-in level, 80% of its initial level, on each date of that month.

The payout at maturity will be par plus the contingent coupon unless the index has closed below the 80% buffer level on any day during the observation period, in which case investors will be exposed to the losses.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Contingent coupon buffer enhanced return notes
Underlying index:	S&P 500 index
Amount:	$8,035,000
Maturity:	Dec. 2, 2022
Coupon:	4.25%, payable monthly if the index closes at or above knock-in level on observation date for that month
Price:	Par
Payout at maturity:	Par plus contingent coupon unless index finishes below 80% of initial level on any day during the observation period, in which case exposure to the index’s losses
Initial level:	2,446.30
Knock-in/buffer level:	1,957.04, 80% of initial level
Pricing date:	Aug. 29
Settlement date:	Sept. 1
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78012K5B9

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