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RBC plans absolute return barrier notes due 2014 linked to S&P 500
By Susanna Moon
Chicago, Sept. 10 - Royal Bank of Canada plans to price 0% absolute return barrier notes due Sept. 30, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus any gain in the index, up to a maximum return of 20.5% to 24.5%.
If the index finishes below the initial level but above the barrier level - 75.5% to 79.5% of the initial 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 on Sept. 25 and settle on Sept. 28.
The Cusip number is 78008SJP2.
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