New Issue: RBC prices $965,000 capped barrier return enhanced notes on Microsoft

Chicago, Sept. 27 – Royal Bank of Canada priced $965,000 of 0% capped barrier return enhanced notes due Feb. 23, 2023 linked to the stock performance of Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.

If the stock’s final level is greater than or equal to its initial level, the payout at maturity will be par plus the return, subject to a maximum payout of par plus 25%.

If the stock declines but finishes at or above its 80% barrier value, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline from initial level.

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

Issuer:	Royal Bank of Canada
Issue:	Capped barrier return enhanced notes
Underlying stock:	Microsoft Corp.
Amount:	$965,000
Maturity:	Feb. 23, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If the stock’s final level is greater than or equal to its initial level, the payout at maturity will be par plus the return capped at 25%; if the stock declines but finishes at or above barrier level, par; otherwise, lose 1% for every 1% decline from initial level
Initial level:	$305.94
Barrier value:	$244.75; 80% of initial level
Pricing date:	Feb. 4
Settlement date:	Feb. 9
Agent:	RBC Capital Markets, LLC
Placement agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	78016FDA9

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