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RBC plans 4.15%-4.45% five-year geared buffered notes tied to S&P 500
By Susanna Moon
Chicago, July 14 – Royal Bank of Canada plans to price 4.15% to 4.45% geared buffered notes due July 20, 2021 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable semiannually, with the exact rate to be set at pricing.
The payout at maturity will be par unless the index finishes below its geared buffer level, 75% of the initial level, in which case investors will lose 1.33% for each 1% decline beyond 25%.
RBC Capital Markets, LLC is the underwriter.
The notes will price on July 15 and will settle on July 20.
The Cusip number is 78012KQZ3.
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