By William Gullotti
Buffalo, N.Y., July 26 – Royal Bank of Canada priced $4.65 million of 0% buffered return notes due July 25, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus the index gain, subject to a maximum redemption of par plus 35.5%.
Investors will receive par if the index declines by 20% or less and will lose 1% for every 1% that it declines beyond 20%.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Buffered return notes
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Underlying index: | S&P 500
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Amount: | $4.65 million
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Maturity: | July 25, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain capped at 35.5%; par if the index declines by 20% or less; 1% loss for every 1% index decline beyond 20%
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Initial level: | 3,959.9
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Buffer level: | 3,167.92; 80% of initial level
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Strike date: | July 20
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Pricing date: | July 21
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Settlement date: | July 26
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 0.4%
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Cusip: | 78016FQ31
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