New Issue: RBC sells $557,000 buffer absolute return notes linked to S&P, Dow

By Sarah Lizee

Olympia, Wash., Feb. 4 – Royal Bank of Canada priced $557,000 of 0% buffer absolute return notes due Nov. 2, 2023 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 48% of the return of the lesser performing asset.

If either index finishes flat or falls by up to 25%, the payout will be par plus the absolute value of the return of that index.

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 absolute return notes
Underlying indexes:	S&P 500, Dow Jones industrial average
Amount:	$557,000
Maturity:	Nov. 2, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes at or above its initial level, par plus 48% of the return of the lesser performing asset; if either index finishes flat or falls by up to buffer level, par plus the absolute value of the return of that index; 1% loss for every 1% decline of the lesser performing index beyond the buffer
Initial levels:	3,276.24 for S&P, 28,722.85 for Dow
Buffer levels:	2,457.18 for S&P, 21,542.14 for Dow, 75% of initial levels
Pricing date:	Jan. 28
Settlement date:	Jan. 31
Underwriter:	RBC Capital Markets, LLC
Fees:	2.75%
Cusip:	78015KPW8

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