Published on 7/10/2017 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.27 million buffered enhanced return notes tied to S&P 500
By Marisa Wong
Morgantown, W.Va., July 10 – Royal Bank of Canada priced $1.27 million of 0% buffered enhanced return notes due June 30, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the initial level, the payout at maturity will be par plus 103.65% of the gain.
If the index falls by up to 20%, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline beyond 20%.
RBC Capital Markets LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Buffered enhanced return notes
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Underlying index: | S&P 500
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Amount: | $1,271,000
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Maturity: | June 30, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index gains, par plus 103.65% of return; if index falls by up to 20%, par; otherwise, 1% loss per 1% decline beyond 20%
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Initial level: | 2,419.38
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Buffer level: | 1,935.50, 80% of initial level
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Pricing date: | June 27
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Settlement date: | June 30
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Agent: | RBC Capital Markets, LLC
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Fees: | 3.25%
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Cusip: | 78012KV87
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