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RBC to price barrier absolute return notes linked to S&P 500 index
New York, May 2 – Royal Bank of Canada plans to price 0% barrier absolute return notes due June 2, 2023 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes above the initial level, the payout at maturity will be par plus 120% to 130% of the gain. The prices leverage factor will be set at pricing.
If the index falls but finishes at or above the 80% barrier level, the payout will be par plus the absolute value of the return.
Otherwise, investors will lose 1% for each 1% decline.
RBC Capital Markets, LLC is the underwriter.
The notes will price on May 29 and settle on May 31.
The Cusip number is 78013XKC1.
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