New Issue: RBC prices $2.09 million buffered enhanced return notes tied to S&P 500

By Marisa Wong

Morgantown, W.Va., April 20 – Royal Bank of Canada priced $2.09 million of 0% buffered enhanced return notes due Oct. 23, 2019 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 1.25 times any gain in the index, subject to a maximum return of 29.35%.

Investors will receive par if the index falls by up to 10% and will lose 1% for each 1% decline beyond 10%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered enhanced return notes
Underlying index:	S&P 500
Amount:	$2,085,000
Maturity:	Oct. 23, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 125% of any index gain, return capped at 29.35%; par if index falls by 10% or less; 1% loss per 1% decline beyond 10%
Initial level:	2,342.19
Buffer level:	2,107.97, 90% of initial level
Pricing date:	April 18
Settlement date:	April 21
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78012KK89

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