New Issue: RBC prices $4.87 million geared buffered enhanced notes on S&P, Russell

By Susanna Moon

Chicago, Jan. 10 – Royal Bank of Canada priced $4.87 million of 0% geared buffered enhanced return notes due Jan. 7, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout at maturity will be par plus double the gain of the worse performing index up to a maximum redemption amount of $1,340 per $1,000 principal amount.

If either index declines by up to 25%, the payout will be par.

Otherwise, investors will lose 1.3333% per 1% decline of the worse performing index beyond the geared buffer.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Geared buffered enhanced return notes
Underlying indexes:	S&P 500, Russell 2000
Amount:	$4.87 million
Maturity:	Jan. 7, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus 200% of return of worse performing index, capped at 34%; par if either index declines by 25% or less; otherwise, 1.3333% loss per 1% decline of worse performing index
Initial levels:	2,695.81 for S&P, 1,550.011 for Russell
Barrier levels:	2,021.86 for S&P, 1,162.508 for Russell, 75% of initial levels
Pricing date:	Jan. 2
Settlement date:	Jan. 5
Underwriter:	RBC Capital Markets, LLC
Fees:	0.25%
Cusip:	78013XCM8

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