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RBC plans market-linked step-up notes tied to S&P 500, Russell 2000
By Marisa Wong
Madison, Wis., Jan. 14 - Royal Bank of Canada plans to price market-linked step-up notes due January 2018 tied to an equally weighted basket of indexes, according to an FWP with the Securities and Exchange Commission.
The basket consists of the S&P 500 index and the Russell 2000 index.
If the basket finishes at or above the step-up value - 118% to 124% of the initial level - the payout at maturity will be par plus the basket return.
If the basket finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 18% to 24%.
Investors will receive par if the basket falls by up to 5% and will be exposed to losses beyond 5%.
The exact deal terms will be set at pricing.
BofA Merrill Lynch is the agent.
The notes will price in January and settle in February.
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