New Issue: RBC sells $3.06 million buffered return notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., Aug. 18 – Royal Bank of Canada priced $3.06 million of 0% buffered return notes due May 17, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus any index gain. Investors will receive par if the index declines by 13.5% or less and will lose 1% for every 1% that it declines beyond 13.5%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffered return notes
Underlying index:	S&P 500
Amount:	$3,055,000
Maturity:	May 17, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain; par if the index declines by 13.5% or less; 1% loss for every 1% index decline beyond 13.5%
Initial level:	4,063.04
Buffer level:	3,514.53; 86.5% of initial level
Pricing date:	May 12
Settlement date:	May 17
Underwriter:	RBC Capital Markets, LLC
Fees:	0.5%
Cusip:	78016ED87

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