New Issue: RBC prices $3.14 million leveraged buffered notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., May 2 – Royal Bank of Canada priced $3.14 million of 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due May 3, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 125% of the gain, subject to a maximum return of 32%. Investors will receive par if the index decreases by up to 20% and will lose 1% for every 1% that the index may decline beyond 20%.

Wells Fargo Securities LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside
Underlying index:	S&P 500
Amount:	$3,136,000
Maturity:	May 3, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 125% of any index gain, up to 32% maximum return; par if index declines by 20% or less; 1% loss for every 1% that index may decline beyond 20%
Initial level:	2,945.83
Buffer level:	2,356.664, 80% of initial level
Pricing date:	April 30
Settlement date:	May 3
Agent:	Wells Fargo Securities LLC
Fees:	3.96%
Cusip:	78013X4D7

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