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RBC to price market-linked step-up notes tied to Euro Stoxx 50
By Jennifer Chiou
New York, Sept. 25 – Royal Bank of Canada plans to price 0% market-linked step-up notes due October 2016 linked to the Euro Stoxx 50 index, according to an FWP with the Securities and Exchange Commission.
If the index finishes above the step-up value – 118% to 124% of the initial level – the payout at maturity will be par of $10 plus the index return.
If the index finishes at or above the initial level but is less than or equal to the step-up value, the payout at maturity will be par of $10 plus the step-up payment of 18% to 24%.
Investors will be fully exposed to losses if the index return is negative.
The exact terms will be set at pricing.
The notes are expected to price in October and settle in November.
BofA Merrill Lynch is the agent.
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