New Issue: RBC prices $1.63 million capped barrier return enhanced notes on Lam Research

By William Gullotti

Buffalo, N.Y., Dec. 16 – Royal Bank of Canada priced $1.63 million of 0% capped barrier return enhanced notes due Dec. 30, 2022 linked to the stock performance of Lam Research Corp., according to a 424B2 filing with the Securities and Exchange Commission.

If the stock’s final level is greater than or equal to its initial level, the payout at maturity will be par plus 1.5 times the return, subject to a maximum payout of par plus 19.95%.

If the stock declines but finishes at or above its 70% barrier value, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline from initial level.

RBC Capital Markets, LLC is the agent. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.

Issuer:	Royal Bank of Canada
Issue:	Capped barrier return enhanced notes
Underlying stock:	Lam Research Corp.
Amount:	$1,625,000
Maturity:	Dec. 30, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If the stock’s final level is greater than or equal to its initial level, the payout at maturity will be par plus 1.5 times the return capped at 19.95%; if the stock declines but finishes at or above barrier level, par; otherwise, lose 1% for every 1% decline from initial level
Initial level:	$684.97
Barrier value:	$479.48; 70% of initial level
Pricing date:	Dec. 13
Settlement date:	Dec. 16
Agent:	RBC Capital Markets, LLC
Placement agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	78016FAS3

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