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RBC plans to price buffered enhanced return notes tied to the S&P 500
By Devika Patel
Knoxville, Tenn., March 22 – Royal Bank of Canada plans to price 0% buffered enhanced return notes due March 31, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par of $1,000 plus 106% to 114% of the index return. The exact participation rate will be set at pricing.
Investors will receive par if the index declines by up to the buffer percentage of 20% and will lose 1% for every 1% decline beyond the buffer amount.
RBC Capital Markets, LLC is the underwriter.
The notes (Cusip: 78012KC88) will price on March 28 and settle on March 31.
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