New Issue: RBC prices $1.41 million leveraged notes due 2018 with cap tied to S&P

By Susanna Moon

Chicago, July 22 – Royal Bank of Canada priced $1.41 million of leveraged buffered notes due April 6, 2018 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple any index gain, up to a maximum settlement amount of $1,244.50 for each $1,000 note.

Investors will be exposed to any losses.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Leveraged notes
Underlying index:	S&P 500
Amount:	$1,408,000
Maturity:	April 6, 2018
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 300% of any index gain, capped at 24.45%; exposure to any losses
Initial level:	2,173.02
Pricing date:	July 20
Settlement date:	July 27
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78012KQX8

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