New Issue: RBC sells $13.09 million geared buffered enhanced return notes on S&P

By Sarah Lizee

Olympia, Wash., Dec. 13 – Royal Bank of Canada priced $13.09 million of 0% geared buffered enhanced return notes due June 16, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par plus 1.5 times the index gain, up to a maximum payout of par plus 34.5%.

If the index falls by up to 20%, the payout will be par.

Otherwise, investors will lose 1.25% for each 1% index decline beyond 20%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Geared buffered enhanced return notes
Underlying index:	S&P 500
Amount:	$13.09 million
Maturity:	June 16, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus 1.5 times the index gain, capped at par plus 34.5%; if index falls by up to 20%, par; 1.25% loss for each 1% index decline beyond 20%
Initial level:	2,636.78
Barrier level:	2,109.42, 80% of initial level
Pricing date:	Dec. 11
Settlement date:	Dec. 14
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78013XUE6

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