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RBC plans trigger return optimization notes on Financial Select fund
By Marisa Wong
Madison, Wis., Aug. 2 - Royal Bank of Canada plans to price 0% trigger return optimization securities due Aug. 31, 2016 linked to Financial Select Sector SPDR fund, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus double any fund gain, up to a maximum return of 25% to 30%.
If the fund finishes at or above the 75% trigger level, the payout will be par. Otherwise, investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the underwriter with UBS Financial Services Inc. as placement agent.
The notes will price on Aug. 27 and settle on Aug. 30.
The Cusip number is 78009Q174.
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