RBC plans buffered enhanced return notes tied to iShares MSCI EM ETF

By Devika Patel

Knoxville, Tenn., June 23 – Royal Bank of Canada plans to price 0% buffered enhanced return notes due July 2, 2019 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the final ETF level is greater than the initial ETF level, the payout at maturity will be par of $1,000 plus 150% of the ETF return, subject to a maximum payout of par plus 15%.

Investors will receive par if the ETF declines by up to the buffer percentage, expected to be between 21% and 22.75% and to be set at pricing, and will lose 1% for every 1% decline beyond the buffer.

RBC Capital Markets, LLC is the agent.

The notes (Cusip: 78012KX51) will price on June 27 and settle on June 30.

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