Published on 2/26/2013 in the Prospect News Structured Products Daily.
New Issue: RBC prices $59.66 million buffered enhanced return notes with averaging linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Feb. 26 - Royal Bank of Canada priced $59.66 million of 0% buffered enhanced return notes with averaging due Feb. 27, 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index's closing level on Feb. 22, 2017 is at least 80% of the initial index level, the payout at maturity will be par plus 221.22% of the average percentage change. Otherwise, the payout will be par minus (a) 1% for every 1% that the index declines beyond 20% plus (b) 221.22% of the average percentage change.
The average percentage change will be the percentage change from the initial index level to the average level, subject to a minimum of zero. The average level will be the average of the index's closing levels on 16 quarterly observation dates during the life of the notes.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Buffered enhanced return notes with averaging
|
| Underlying index: | S&P 500
|
| Amount: | $59,659,000
|
| Maturity: | Feb. 27, 2017
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If index's closing level on Feb. 22, 2017 is at least 80% of initial index level, par plus 221.22% of average percentage change; otherwise, par minus (a) 1% for every 1% that index declines beyond 20% plus (b) 221.22% of average percentage change
|
| Average percentage change: | Percentage change from initial index level to average level, subject to minimum of zero; average level will be average of index's closing levels on 16 quarterly observation dates during life of notes
|
| Initial index level: | 1,515.6
|
| Pricing date: | Feb. 22
|
| Settlement date: | Feb. 27
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | None
|
| Cusip: | 78008SYA8
|
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