New Issue: RBC prices $2.16 million buffered return notes linked to S&P 500

By Kiku Steinfeld

Chicago, Oct. 16 – Royal Bank of Canada priced $2.16 million of 0% buffered return notes due Dec. 31, 2025 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 the gain.

If the index remains flat or falls by up to 25%, the payout will be par. Otherwise, investors will lose 1% for every 1% index decline beyond 25%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffered return notes
Underlying index:	S&P 500
Amount:	$2,159,000
Maturity:	Dec. 31, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus index return; par if index declines by 25% or less; 1% loss for every 1% that index declines beyond 25%
Initial level:	2,984.87
Pricing date:	Sept. 25
Settlement date:	Sept. 30
Underwriter:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78015KDW1

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