New Issue: RBC sells $571,000 barrier absolute return notes on S&P, Russell

By Sarah Lizee

Olympia, Wash., Dec. 24 – Royal Bank of Canada priced $571,000 of 0% barrier absolute return notes due June 15, 2023 linked to the worse performing of the S&P 500 index and the Russell 2000 index, 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 the return of the lesser performing index, capped at par plus 28.5%.

If the lesser performing index falls by up to 40%, 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 40%, 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, Russell 2000
Amount:	$571,000
Maturity:	June 15, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus the return of the lesser performing index, capped at par plus 28.5%; par plus absolute value of return of lesser performing index if it falls by up to 40%; otherwise, full exposure to decline of worse performing index from its initial level
Initial levels:	3,141.63 for S&P, 1,631.926 for Russell
Barrier levels:	1,884.98 for S&P, 979.156 for Russell; 60% of initial level
Pricing date:	Dec. 11
Settlement date:	Dec. 16
Underwriter:	RBC Capital Markets, LLC
Fees:	0.75%
Cusip:	78015KFU3

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