New Issue: RBC prices $1.89 million buffered return notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Aug. 1 – Royal Bank of Canada priced $1.89 million of 0% buffered return notes due July 31, 2025 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 the index return. Investors will receive par if the index declines by 25% or less and will lose 1% for every 1% that it declines beyond 25%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffered return notes
Underlying index:	S&P 500
Amount:	$1,888,000
Maturity:	July 31, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is positive, par plus index return; par if index declines by 25% or less; 1% loss for every 1% that index declines beyond 25%
Initial level:	3,025.86
Pricing date:	July 26
Settlement date:	July 31
Underwriter:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78013XVU9

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