New Issue: RBC prices $3.32 million absolute return notes with rebate on S&P 500

By Marisa Wong

Morgantown, W.Va., Jan. 24 – Royal Bank of Canada priced $3.32 million of 0% absolute return notes with rebate feature due Jan. 22, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any gain in the index.

If the index declines by up to 30%, the payout will be par plus the absolute value of the return.

Otherwise, investors will receive par plus a fixed rebate return of 12.25%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Absolute return notes with rebate feature
Underlying index:	S&P 500
Amount:	$3,323,000
Maturity:	Jan. 22, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain; if index falls by up to 30%, par plus absolute value of its return; otherwise, par plus 12.25%
Initial index level:	2,670.71
Pricing date:	Jan. 18
Settlement date:	Jan. 24
Agent:	RBC Capital Markets, LLC
Fees:	0.25%
Cusip:	78013XXM5

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