By William Gullotti
Buffalo, N.Y., March 14 – Royal Bank of Canada priced $6.14 million of 0% buffered absolute return notes due March 13, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above its initial level, the payout will be par plus the return of the index, subject to a maximum payout of par plus 23.75%.
If the index finishes flat or falls by up to 20%, the payout will be par plus the absolute value of the return.
Otherwise, investors will lose 1% for every 1% decline of the index beyond the buffer.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
|
Issue: | Buffered absolute return notes
|
Underlying index: | S&P 500 index
|
Amount: | $6.14 million
|
Maturity: | March 13, 2025
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | If the index finishes at or above its initial level, par plus the return of the index capped at 23.75%; if the index finishes flat or falls by up to buffer level, par plus the absolute value of the return of the index; otherwise, 1% loss for every 1% decline of the index beyond 20%
|
Initial level: | 3,918.32
|
Buffer level: | 3,134.66; 80% of initial level
|
Pricing date: | March 9
|
Settlement date: | March 14
|
Underwriter: | RBC Capital Markets, LLC
|
Fees: | 0.15%
|
Cusip: | 78016HRY8
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.