New Issue: RBC sells $1.67 million buffered return notes due 2025 linked to S&P 500

By Sarah Lizee

Olympia, Wash., June 27 – Royal Bank of Canada priced $1.67 million of 0% buffered return notes due March 28, 2025 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 index gain. If the index finishes flat or falls by up to 25%, the payout will be par. Otherwise, investors will lose 1% for every 1% decline of the index beyond the buffer.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered return notes
Underlying index:	S&P 500
Amount:	$1,674,000
Maturity:	March 28, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain; if index finishes flat or falls by up to 25%, par; otherwise, 1% loss for every 1% decline of the index beyond the buffer
Initial level:	2,917.38
Buffer level:	2,188.04, 75% of initial level
Pricing date:	June 25
Settlement date:	June 28
Underwriter:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78013XTW8

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