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RBC eyes barrier absolute return notes linked to iShares MSCI EM fund
By Devika Patel
Knoxville, Tenn., June 23 – Royal Bank of Canada plans to price 0% barrier absolute return notes due July 2, 2019 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
If the ETF finishes above the initial level, the payout at maturity will be par plus the gain.
If the ETF falls, but never closes below the 75.5% to 77.5% barrier level during the life of the notes, the payout will be par plus the absolute value of the ETF return.
Otherwise, investors will lose 1% for each 1% decline of the ETF from its initial level.
RBC Capital Markets, LLC is the agent.
The notes (Cusip: 78012KX44) will price on June 27 and settle on June 30.
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