Published on 10/28/2020 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2 million bearish notes linked to S&P 500
By Kiku Steinfeld
Chicago, Oct. 28 – Royal Bank of Canada priced $2 million of 0% bearish notes due April 27, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is negative, the payout at maturity will be par plus 2% for every 1% that the index declines, subject to a maximum return of 11%. If the index return is positive, investors will lose 1% for each 1% that the index increases, subject to a minimum payout of 86% of par.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Bearish notes
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Underlying index: | S&P 500
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Amount: | $2,000,000
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Maturity: | April 27, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is negative, par plus 2% for every 1% that index declines, subject to maximum return of 11%; if index return is positive, 1% loss for each 1% that index increases, subject to a minimum payout of 86% of par
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Initial level: | 3,453.49
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Pricing date: | Oct. 22
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Settlement date: | Oct. 27
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 0.9%
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Cusip: | 78016EFK8
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