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RBC to sell protected absolute return notes linked to S&P 500
By Susanna Moon
Chicago, Oct. 3 - Royal Bank of Canada plans to price zero-coupon principal-protected absolute return notes due April 30, 2010 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.
If the index remains within its barrier range during the life of the notes, the payout at maturity will be par plus the absolute value of the return. The upper barrier will be 125% of the initial level, and the lower barrier will be 75% of the initial level.
Investors will receive at least par.
The notes will price on Oct. 28 and settle on Oct. 31.
RBC Capital Markets Corp. will be the underwriter.
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