New Issue: RBC prices $500,000 buffered enhanced return notes linked to S&P 500

By Kiku Steinfeld

Chicago, Aug. 13 – Royal Bank of Canada priced $500,000 of 0% buffered enhanced return securities due Oct. 5, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index’s final level is greater than the initial level, the payout at maturity will be par plus 200% of the index return, capped at par plus 11.25%. Investors will receive par if the index declines by 10% or less and will lose 1 for every 1% that it may decline beyond 10%.

RBC Capital Markets, LLC. is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffered enhanced return securities
Underlying index:	S&P 500
Amount:	$500,000
Maturity:	Oct. 5, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If index’s final level is greater than initial level, par plus 200% of index return, capped at par plus 11.25%; par if index declines by 10% or less; 1% loss for every 1% that index may decline beyond 10%
Initial level:	3,246.22
Buffer level:	2,921.60, or 90% of initial level
Pricing date:	July 31
Settlement date:	Aug. 4
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78015KWG5

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