Published on 3/26/2020 in the Prospect News Structured Products Daily.
New Issue: RBC sells $7.43 million levered market plus notes linked to S&P 500
By Sarah Lizee
Olympia, Wash., March 26 – Royal Bank of Canada priced $7.43 million of 0% levered market plus notes due March 20, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par plus 1.365 times the index return.
Investors will receive par if the index declines by 20% or less. If the index falls by more than 20%, investors will loss 1% for every 1% that the index declines from the initial index level.
RBC Capital Markets, LLC is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
Issuer: | Royal Bank of Canada
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Issue: | Levered market plus notes
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Underlying index: | S&P 500
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Amount: | $7,425,000
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Maturity: | March 20, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.365 times any index gain; par if index declines by 20% or less; otherwise, 1% loss for every 1% that index declines from initial index level
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Initial level: | 2,529.19
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Barrier level: | 2,023.35, or 80% of initial level
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Final level: | Average of index’s closing levels on five trading days ending March 17, 2025
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Pricing date: | March 17
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Settlement date: | March 20
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Underwriter: | RBC Capital Markets, LLC
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Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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Fees: | 3%
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Cusip: | 78015KQQ0
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