New Issue: RBC sells $1.5 million capped buffered return enhanced notes on S&P 500

By William Gullotti

Buffalo, N.Y., July 25 – Royal Bank of Canada priced $1.5 million of capped buffered return enhanced notes due July 24, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 120% of the index gain, subject to a maximum payout of par plus 40.656%.

If the index declines by up to 10%, the payout will be par. Otherwise, investors will lose 1111% for each 1% decline beyond 10%.

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

Issuer:	Royal Bank of Canada
Issue:	Capped buffered return enhanced notes
Underlying index:	S&P 500 index
Amount:	$1.5 million
Maturity:	July 24, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is positive, the payout at maturity will be par plus 120% of the index gain, capped at par plus 40.656%; if the index declines by up to 10%, par; otherwise, investors will lose 1111% for each 1% decline beyond 10%
Initial level:	3,936.69
Buffer level:	3,543.02; 90% of initial level
Strike date:	July 19
Pricing date:	July 20
Settlement date:	July 25
Agent:	RBC Capital Markets, LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
Fees:	1.35%
Cusip:	78016FPQ1

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