New Issue: RBC prices $910,000 absolute return notes with buffer linked to S&P 500

By Susanna Moon

Chicago, July 3 – Royal Bank of Canada priced $910,000 of 0% absolute return notes due Sept. 14, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above the initial level, the payout at maturity will be par plus 102.25% of the gain.

If the index falls by up to 20%, the payout will be par plus the absolute value of the index return.

Otherwise, investors will lose 1% for each 1% decline beyond buffer.

RBC Capital Markets LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Absolute return notes
Underlying index:	S&P 500
Amount:	$910,000
Maturity:	Sept. 14, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus 102.25% of return; if index falls by up to 20%, par plus absolute return; otherwise, 1% loss per 1% decline beyond 20%
Initial level:	2,431.77
Pricing date:	June 9
Settlement date:	June 14
Agent:	RBC Capital Markets, LLC
Fees:	3.15%
Cusip:	78012KX28

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