New Issue: RBC prices $1.44 million notes linked to S&P, Dow

Chicago, Aug. 2 – Royal Bank of Canada priced $1.44 million of 0% notes due Jan. 30, 2025 linked to the lesser 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 the laggard index finishes at or above its initial level, the payout at maturity will be par plus the return of that index, subject to a maximum payout of par plus 12%.

Otherwise, investors will receive par.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Notes
Underlying indexes:	S&P 500 index, Dow Jones industrial average
Amount:	$1,444,000
Maturity:	Jan. 30, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain in laggard index, capped at par plus 12%; otherwise, par
Initial levels:	4,566.75 for S&P, 35,520.12 for Dow
Pricing date:	July 26
Settlement date:	July 31
Agent:	RBC Capital Markets, LLC
Fees:	1.125%
Cusip:	78016NLT2

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