New Issue: RBC prices $2.92 million daily knock-out absolute return notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., April 2 – Royal Bank of Canada priced $2.92 million of 0% daily knock-out absolute return notes due April 25, 2025 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par if the index closes at or below its 75% knock-out value on any trading day during the life of the notes.

If the notes are not called and the index finishes at or above its initial level, the payout at maturity will be par plus 3%.

Investors will gain 1% for each 1% decline if the index declines by no more than 25% and will receive par if the index finishes below its knock-out value.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Daily knock-out absolute return notes
Underlying index:	S&P 500 index
Amount:	$2,923,000
Maturity:	April 25, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the index finishes at or above initial level, par plus 3%; if index declines by no more than 25%, par plus absolute value of index return; otherwise, par
Call:	Automatically at par if the index closes at or below its 75% knock-out value on any trading day during the life of the notes
Initial level:	5,234.18
Knock-out level:	3,925.64; 75% of initial level
Pricing date:	March 22
Settlement date:	March 27
Agent:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78017FKL6

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.