New Issue: RBC prices $3.7 million contingent digital return barrier notes on SPDR ETF

By William Gullotti

Buffalo, N.Y., March 9 – Royal Bank of Canada priced $3.7 million of 0% contingent digital return barrier notes due March 21, 2023 linked to the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF finishes at or above its barrier level, 80% of initial level, the payout at maturity will be par plus 12.55%. Investors will be fully exposed to the decline otherwise.

RBC Capital Markets, LLC is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.

Issuer:	Royal Bank of Canada
Issue:	Contingent digital return barrier notes
Underlying fund:	SPDR S&P Regional Banking ETF
Amount:	$3.7 million
Maturity:	March 21, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If the ETF finishes at or above its barrier level, the payout at maturity will be par plus 12.55%; otherwise, full exposure to ETF’s decline from its initial level
Initial level:	$72.89
Barrier level:	$58.31; 80% of initial level
Pricing date:	March 4
Settlement date:	March 9
Underwriter:	RBC Capital Markets, LLC
Placement agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	78016FFL3

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