By Kiku Steinfeld
Chicago, Sept. 28 – Royal Bank of Canada priced $1 million of 0% capped dual directional buffered equity notes due Sept. 15, 2021 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund finishes above the initial level, the payout at maturity will be par plus the fund return up to a maximum upside return of 10%.
If the fund falls by up to 15.35%, the payout will be par plus the absolute value of the return.
If the fund falls by more than the buffer, investors will lose 1.18133% for every 1% decline beyond 15.35%.
RBC Capital Markets, LLC the agent with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC acting as placement agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Capped dual directional buffered equity notes
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| Underlying fund: | Financial Select Sector SPDR fund
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| Amount: | $1 million
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| Maturity: | Sept. 15, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus any fund gain, capped at 10%; par plus absolute value of return if fund falls by up to 15.35%; 1.18133% loss for every 1% decline beyond 15.35%
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| Initial level: | $24.64
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| Buffer level: | $20.86 of initial level; 84.65% of initial level
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| Final level: | Average of fund closing levels on five trading days ending Sept. 8, 2021
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| Pricing date: | Sept. 11
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| Settlement date: | Sept. 16
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| Agent: | RBC Capital Markets, LLC with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC acting as placement agents
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| Fees: | 0.75%
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| Cusip: | 78015KWH3
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