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RBC plans absolute return barrier notes due 2014 linked to S&P 500
By Susanna Moon
Chicago, May 11 - Royal Bank of Canada plans to price 0% absolute return barrier notes due May 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above the initial level, the payout at maturity will be par plus any gain.
If the index finishes below the initial level but above the 67.5% to 70.5% barrier level, the payout will be par plus the absolute value of the return. The exact barrier level will be set at pricing.
Otherwise, investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the agent.
The notes will price and settle in May.
The Cusip number is 78008T5V2.
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