New Issue: RBC prices $1.3 million bearish digital notes linked to S&P

By Emma Trincal

New York., Feb. 14 – Royal Bank of Canada priced $1.3 million of 0% bearish digital notes due Feb. 13, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or below its 95% digital strike level, the payout at maturity will be par plus 46.85%.

If the index finishes at or below its initial price but above 95%, the payout will be par.

If the index finishes above its initial price, investors will lose 1% for every 1% that the index increases.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Bearish digital notes
Underlying index:	S&P 500 index
Amount:	$1.3 million
Maturity:	Feb. 13, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes below its initial price by 5% or more, payout will be par plus 46.85%; if index finishes flat or negative by less than 5%, payout will be par; if index finishes above its initial price, investors will lose 1% for every 1% that the index increases
Initial level:	4,997.91
Digital strike level:	4,748.01, 95% of initial level
Digital payment:	46.85%
Pricing date:	Feb. 8
Settlement date:	Feb. 13
Underwriter:	RBC Capital Markets, LLC
Fees:	2%
Cusip:	78017FFQ1

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