New Issue: RBC sells $500,000 buffered return notes on Dow, S&P

By Kiku Steinfeld

Chicago, July 19 – Royal Bank of Canada priced $500,000 of capped buffered return notes due June 2, 2023 linked to the least performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes above its initial value, the payout at maturity will be par plus the return of the least performing index, capped at 16%.

If the index finishes flat or declines by up to 15%, the payout will be par. Investors will be exposed to any losses of the lowest performer beyond the 15% buffer.

The agent is RBC Capital Markets Corp.

Issuer:	Royal Bank of Canada
Issue:	Buffered return notes
Issue:	Capped buffered return notes
Underlying indexes:	Dow Jones industrial average and S&P 500 index
Amount:	$500,000
Maturity:	June 2, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus the return of the least performing index, capped at 16%; par if worst performing index finishes flat or declines by up to 15%; exposure to losses of worst performer beyond 15%
Initial values:	34,464.64 for Dow and 4,200.88 for S&P
Buffer levels:	29,294.94 Dow and 3,570.75 for S&P, 85% of initial levels
Pricing date:	May 27
Settlement date:	June 2
Agent:	RBC Capital Markets Corp.
Fees:	0.25%
Cusip:	78016EV46

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