New Issue: RBC prices $4.78 million buffer return notes linked to S&P, Dow

By William Gullotti

Buffalo, N.Y., May 12 – Royal Bank of Canada priced $4.78 million of 0% buffer return notes due May 2, 2024 linked to 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 will be par plus the return of the lesser performing index, subject to a maximum payout of par plus 13.55%.

If either index finishes flat or falls by up to 25%, the payout will be par.

Otherwise, investors will lose 1% for every 1% decline of the lesser performing index beyond the buffer.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffer return notes
Underlying indexes:	S&P 500, Dow Jones industrial average
Amount:	$4,777,000
Maturity:	May 2, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes at or above its initial level, par plus the return of the lesser performing index capped at 13.55%; if either index finishes flat or falls by up to buffer level, par; otherwise, 1% loss for every 1% decline of the lesser performing index beyond the buffer
Initial levels:	4,169.48 for S&P, 34,098.16 for Dow
Buffer levels:	3,127.11 for S&P, 25,573.62 for Dow, 75% of initial levels
Pricing date:	April 28
Settlement date:	May 3
Underwriter:	RBC Capital Markets, LLC
Fees:	0.15%
Cusip:	78016HWS5

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