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RBC plans absolute return barrier notes due 2014 linked to S&P 500
By Marisa Wong
Madison, Wis., June 19 - Royal Bank of Canada plans to price 0% absolute return barrier notes due June 30, 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Investors will share in any index gains, subject to a maximum redemption amount of 122% to 125% of par.
If the index finishes below the initial level but above the barrier level, 75% to 78% of the initial level, the payout at maturity will be par plus the absolute value of the index decline.
If the index finishes below the barrier level, investors will share in losses.
The notes (Cusip: 78008SCL8) will price on June 26 and settle on June 29.
RBC Capital Markets, LLC is the underwriter.
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