New Issue: RBC prices $125,000 six-year contingent coupon barrier notes on S&P 500

By Susanna Moon

Chicago, Dec. 9 – Royal Bank of Canada priced $125,000 contingent coupon barrier notes due Dec. 1, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 5% if the index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter.

The payout at maturity will be par unless the index finishes below its 65% trigger level, in which case investors will be fully exposed to any losses.

RBC Capital Markets, LLC is the agent

Issuer:	Royal Bank of Canada
Issue:	Contingent coupon barrier notes
Underlying index:	S&P 500
Amount:	$125,000
Maturity:	Dec. 1, 2022
Coupon:	5%, payable quarterly if index closes at or above its 65% coupon barrier on the observation date for that quarter
Price:	Par
Payout at maturity:	Par unless index finishes below 65% trigger level, in which case full exposure to any losses
Initial level:	2,201.72
Trigger level:	1,431.12, 65% of initial level
Pricing date:	Nov. 28
Settlement date:	Nov. 30
Underwriter:	RBC Capital Markets, LLC
Fees:	2.75%
Cusip:	78012KVY0

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