Published on 7/28/2014 in the Prospect News Structured Products Daily.
New Issue: RBC prices $23.59 million market-linked step-up notes on the Dow
By Susanna Moon
Chicago, July 28 – Royal Bank of Canada priced $23.59 million of 0% market-linked step up notes due July 22, 2016 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above the step-up value – 110.6% of the initial level – the payout at maturity will be par plus the index return.
If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 10.6%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Market-linked step up notes
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Underlying index: | Dow Jones industrial average
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Amount: | $22,229,810
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Maturity: | July 22, 2016
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index finishes at or above step level, par plus return; if index gains by up to step-up level, par plus step-up return of 10.6%; exposure to losses
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Initial level: | 17,083.80
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Step level: | 18,894.68, 110.6% of initial level
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Pricing date: | July 24
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Settlement date: | July 31
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 78011X837
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