New Issue: RBC sells $905,000 absolute return buffered notes on S&P 500, Dow

By Marisa Wong

Morgantown, W.Va., April 16 – Royal Bank of Canada priced $905,000 of 0% absolute return buffered return notes due Oct. 2, 2023 linked to the worse 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 at or above its initial level, the payout at maturity will be par plus 110% of the return of the lesser performing index.

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

If the lesser performing index falls by more than 20%, investors will lose 1% for every 1% decline of the lesser performing index beyond 20%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Absolute return buffered return notes
Underlying indexes:	S&P 500, Dow Jones industrial average
Amount:	$905,000
Maturity:	Oct. 2, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 110% of any gain in lesser performing index; par plus absolute value of return of lesser performing index if it falls by up to 20%; otherwise, 1% loss per 1% decline of worse performing index beyond 20%
Initial levels:	2,612.62 for S&P, 23,857.71 for Dow
Buffer levels:	2,090.10 for S&P, 19,086.17 for Dow; 80% of initial level
Pricing date:	March 27
Settlement date:	March 29
Underwriter:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78013XHE1

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