Published on 9/13/2019 in the Prospect News Structured Products Daily.
New Issue: RBC prices $3.65 million geared buffered reverse convertible notes on ETFs
By Sarah Lizee
Olympia, Wash., Sept. 13 – Royal Bank of Canada priced $3.65 million of 5.25% geared buffered reverse convertible notes due Sept. 9, 2020 linked to the worse performing of the iShares Russell 2000 ETF and the iShares MSCI EAFE ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless either asset falls by more than the 20% buffer, in which case investors will lose 1.25% for each 1% that the lesser performing asset falls beyond 20%.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Geared buffered reverse convertible notes
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Underlying assets: | iShares Russell 2000 ETF and iShares MSCI EAFE ETF
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Amount: | $3.65 million
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Maturity: | Sept. 9, 2020
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Coupon: | 5.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless either asset falls by more than 20%, in which case 1.25% loss for each 1% that the lesser performing asset falls beyond 20%
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Initial levels: | $63.09 for EAFE ETF, $146.66 for Russell ETF
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Buffer levels: | $50.47 for EAFE ETF, $117.33 for Russell ETF, 80% of initial levels
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Pricing date: | Sept. 4
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Settlement date: | Sept. 9
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Agent: | RBC Capital Markets, LLC
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Fees: | None
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Cusip: | 78015KCN2
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