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RBC plans trigger step performance securities linked to S&P 500
By Marisa Wong
Madison, Wis., Aug. 4 – Royal Bank of Canada plans to price 0% trigger step performance securities due Aug. 31, 2018 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of the step return and the index return. Investors will receive par if the index declines by 20% or less and will be fully exposed to the index’s decline from its initial level if it declines beyond 20%.
The step return is expected to be 18% to 24% and will be set at pricing.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
The notes are expected to price Aug. 26 and settle Aug. 29.
The Cusip number is 78011Y207.
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