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RBC to price 2.5-year absolute return notes linked to S&P 500
By Marisa Wong
Morgantown, W.Va., Nov. 20 – Royal Bank of Canada plans to price 0% absolute return notes due June 1, 2020 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 50% of the index return. If the final index level is less than or equal to the initial index level but greater than or equal to the buffer level, 76% to 80% of the initial index level, the payout will be par plus the absolute value of the index return. Investors will lose 1% for every 1% decline beyond the 20% to 24% buffer.
RBC Capital Markets LLC is the underwriter.
The notes will price Nov. 27.
The Cusip number is 78013GLE3.
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