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

By Sarah Lizee

Olympia, Wash., Dec. 13 – Royal Bank of Canada plans to price 0% buffered enhanced return notes due Dec. 31, 2020 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

If the final fund level is greater than the initial level, the payout at maturity will be par plus 150% of the fund return, capped at par plus 20%.

Investors will receive par if the fund declines by up to the buffer percentage, expected to be between 29.25% and 32.25% and to be set at pricing, and will lose 1% for every 1% decline beyond the buffer.

RBC Capital Markets Corp. is the agent.

The notes (Cusip: 78013XUP1) will price on Dec. 21 and settle on Dec. 27.

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