New Issue: RBC prices $462,000 barrier absolute return notes linked to S&P 500

By Sarah Lizee

Olympia, Wash., Oct. 29 – Royal Bank of Canada priced $462,000 of 0% barrier absolute return notes due Jan. 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.

If the final index level is less than or equal to the initial index level but greater than or equal to the barrier level, 70% of the initial index level, the payout will be par plus the absolute value of the index return.

If the final index level is less than the barrier level, investors will have one-to-one exposure to the index’s decline from its initial level.

RBC Capital Markets LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Barrier absolute return notes
Underlying index:	S&P 500
Amount:	$462,000
Maturity:	Jan. 31, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus the index return; if final index level is less than or equal to initial index level but greater than or equal to barrier level, par plus absolute value of index return; otherwise, one-to-one exposure to the index’s decline from its initial level
Initial index level:	3,039.42
Barrier level:	2,127.59, 70% of initial level
Pricing date:	Oct. 28
Settlement date:	Oct. 31
Underwriter:	RBC Capital Markets LLC
Fees:	3.25%
Cusip:	78015KEX8

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