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RBC plans two-year market-linked step-up notes on indexes
By Toni Weeks
San Luis Obispo, Calif., May 14 - Royal Bank of Canada plans to price market-linked step-up notes due May 2016 linked to a basket of two indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the MSCI EAFE index with a 75% weight and the MSCI Emerging Markets index with a 25% weight.
If the basket finishes above the step-up value - 112% to 118% of the initial level - the payout at maturity will be par plus the basket return.
If the basket finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 12% to 18%.
Investors will be exposed to any losses.
The exact terms will be set at pricing.
The notes will price in May and settle in June.
BofA Merrill Lynch is the agent.
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