New Issue: RBC sells $630,000 barrier absolute return notes on S&P 500, Dow

By Marisa Wong

Morgantown, W.Va., April 16 – Royal Bank of Canada priced $630,000 of 0% barrier absolute return notes due March 31, 2022 linked to the worse performing of the S&P 500 index and the Dow Jones industrial average, 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 50% of the return of the lesser performing index.

If the lesser performing index falls by up to 50%, the payout will be par plus the absolute value of the return of the lesser performing index.

If the lesser performing index falls by more than 50%, investors will lose 1% for every 1% decline of the lesser performing index below its initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier absolute return notes
Underlying indexes:	S&P 500, Dow Jones industrial average
Amount:	$630,000
Maturity:	March 31, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 50% of any gain in lesser performing index; par plus absolute value of return of lesser performing index if it falls by up to 50%; otherwise, full exposure to decline of worse performing index from its initial level
Initial levels:	2,612.62 for S&P, 23,857.71 for Dow
Barrier levels:	1,306.31 for S&P, 11,928.86 for Dow; 50% of initial level
Pricing date:	March 27
Settlement date:	March 29
Underwriter:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78013XHU5

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