New Issue: RBC prices $23.48 million geared buffered absolute return notes linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, Dec. 27 – Royal Bank of Canada priced $23.48 million of 0% geared buffered absolute return notes due March 21, 2024 linked to the worst performing of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par any gain of the index up to 18%. If the index falls by up to 20%, investors will receive par plus the absolute value of its return. If the index finishes below its buffer level, 80% of the initial price, investors will lose 1.25% for every 1% decline of the index beyond 20%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Geared buffered absolute return notes
Underlying index:	S&P 500 index
Amount:	$23,475,000
Maturity:	March 21, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus index gain up to 18%; if index falls by up to 20%, par plus absolute value of index return; 1.25% loss for every 1% decline of index beyond 20%
Initial level:	3,852.36
Buffer level:	3,081.89; 80% of initial level
Strike date:	Dec. 16
Pricing date:	Dec. 19
Settlement date:	Dec. 22
Agent:	RBC Capital Markets, LLC
Fees:	0.25%
Cusip:	78016HHC7

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