Published on 8/1/2011 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.88 million buffered bullish notes tied to S&P 500
By Jennifer Chiou
New York, Aug. 1 - Royal Bank of Canada priced $1.88 million of 0% buffered bullish notes due Aug. 31, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus any index gain, up to a maximum return of 12.4%.
Investors will receive par if the index falls by up to 10% and will be exposed to any index decline beyond 10%.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Buffered bullish notes
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Underlying index: | S&P 500
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Amount: | $1,879,000
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Maturity: | Aug. 31, 2012
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain, capped at 12.4%; par if index falls by up to 10%; exposure to losses beyond 10%
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Initial level: | 1,300.67
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Buffer level: | 1,170.60, 90% of initial level
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Pricing date: | July 28
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Settlement date: | Aug. 2
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 0.5%
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Cusip: | 78008TMJ0
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