Published on 12/29/2011 in the Prospect News Structured Products Daily.
New Issue: RBC prices $20.07 million contingent return optimization securities linked to S&P 500
By Jennifer Chiou
New York, Dec. 29 - Royal Bank of Canada priced $20.07 million of 0% contingent return optimization securities due Dec. 31, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is at least 65% of the initial index level, the payout at maturity will be par of $10 plus the index return, subject to a minimum return of 6% and a maximum return of 23.15%.
If the final index level is less than 65% of the initial level, investors will be fully exposed to the index decline from the initial level.
RBC Capital Markets, LLC is the underwriter with UBS Financial Services Inc. as distributor.
Issuer: | Royal Bank of Canada
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Issue: | Contingent return optimization securities
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Underlying index: | S&P 500
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Amount: | $20,066,060
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Maturity: | Dec. 31, 2013
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If final index level is at least 65% of initial index level, par plus index return, subject to minimum return of 6% and maximum return of 23.15%; otherwise, full exposure to index decline
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Initial index level: | 1,265.43
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Trigger level: | 822.53, 65% of initial level
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Pricing date: | Dec. 27
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Settlement date: | Dec. 30
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Underwriter: | RBC Capital Markets, LLC with UBS Financial Services Inc. as distributor
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Fees: | 2%
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Cusip: | 78010W269
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