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RBC plans trigger return optimization notes linked to S&P 500
By Marisa Wong
Madison, Wis., May 8 – Royal Bank of Canada plans to price 0% trigger return optimization securities due May 31, 2018 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus 1.5 times the index return, subject to a maximum return of 27% to 33% that will be set at pricing.
If the index return is zero or negative and the final index level is greater than or equal to the trigger level, 75% of the initial level, the payout will be par.
If the final index level is less than the trigger level, investors will be fully exposed to the index’s decline from its initial level.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.
The notes will price on May 26 and settle on May 29.
The Cusip number is 780082863.
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