New Issue: RBC prices $2.4 million buffered enhanced return notes tied to S&P 500

By Wendy Van Sickle

Columbus, Ohio, June 1 – Royal Bank of Canada priced $2.4 million of 0% buffered enhanced return notes due June 3, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 1.15 times any gain in the index, up to a maximum gain of 15%.

Investors will receive par if the index falls by up to 21.25% and will lose 1% for each 1% decline beyond 21.25%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered enhanced return notes
Underlying index:	S&P 500
Amount:	$2,399,000
Maturity:	June 3, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any index gain, up to 115% maximum redemption amount; par if index falls by 21.25% or less; 1% loss per 1% decline beyond 21.25%
Initial level:	2,689.86
Buffer level:	2,118.26, 78.75% of initial level
Pricing date:	May 31
Settlement date:	June 3
Underwriter:	RBC Capital Markets, LLC
Fees:	0%
Cusip:	78013XLD8

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