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Prospect News home > News index > List of issuers R > Headlines for Royal Bank of Canada > News item |
RBC plans absolute return notes due 2023 with no cap tied to S&P 500
By Susanna Moon
Chicago, Feb. 22 – Royal Bank of Canada plans to price absolute return notes due March 1, 2023 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes above its initial level, the payout at maturity will be par plus 103% to 111% of the gain.
If the index falls by up to 20%, the payout will be par plus the absolute value of the return.
Otherwise, investors will be exposed to any losses beyond 20%.
The exact deal terms will be set at pricing.
RBC Capital Markets, LLC is the underwriter.
The notes will price on Feb. 24 and settle on Feb. 28.
The Cusip number is 78012KZT7.
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