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RBC to price buffered optimization securities on Financial Select fund
By Jennifer Chiou
New York, Sept. 11 - Royal Bank of Canada plans to price buffered optimization securities due Oct. 31, 2014 linked to the Financial Select Sector SPDR fund, according to an FWP with the Securities and Exchange Commission.
If the fund return is positive, the payout at maturity will be par plus the gain, capped at 12% to 14%.
Investors will receive par for losses up to 10% and will lose 1% for each 1% decline beyond the buffer.
The notes (Cusip: 78009Q398) are expected to price on Sept. 25 and settle on Sept. 30.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
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