Published on 7/15/2019 in the Prospect News Structured Products Daily.
New Issue: RBC prices $8.26 million geared buffered enhanced notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, July 15 – Royal Bank of Canada priced $8.26 million of 0% geared buffered enhanced return notes due Jan. 14, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes at or above its initial level, the payout at maturity will be par plus double the gain of the worse performing index up to a maximum redemption amount of $1,194 per $1,000 principal amount.
If either index declines by up to 15%, the payout will be par.
Otherwise, investors will lose 1.1765% per 1% decline of the worse performing index beyond the geared buffer.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Geared buffered enhanced return notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $8,262,000
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Maturity: | Jan. 14, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index gains, par plus 200% of return of worse performing index, up to maximum payout of par plus 19.4%; par if either index declines by 15% or less; otherwise, 1.1765% loss per 1% decline of worse performing index
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Initial levels: | 2,999.91 for S&P, 1,557.921 for Russell
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Barrier levels: | 2,549.92 for S&P, 1,324.233 for Russell, 75% of initial levels
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Pricing date: | July 11
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Settlement date: | July 16
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 0.25%
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Cusip: | 78013XWV6
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