By Angela McDaniels
Tacoma, Wash., April 28 - Royal Bank of Canada priced $5 million of 6.24% cash-settled reverse convertible notes due Jan. 28, 2016 linked to the worst performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call date.
The payout at maturity will be par unless the final level of either index is less than 70% of its initial level, in which case investors will lose 1% for every 1% that the worst-performing index declines below its initial level.
RBC Capital Markets Corp. is the underwriter.
Issuer: | Royal Bank of Canada
|
Issue: | Cash-settled reverse convertible notes
|
Underlying indexes: | S&P 500 and Russell 2000
|
Amount: | $5 million
|
Maturity: | Jan. 28, 2016
|
Coupon: | 6.24%, payable quarterly
|
Price: | Par
|
Payout at maturity: | Par unless final level of either index is less than barrier level, in which case 1% loss for every 1% that worst-performing index declines below initial level
|
Call: | Automatically at par if each index closes at or above initial level on any quarterly call date
|
Initial index levels: | 1,869.52 for S&P 500 and 1,134.02 for Russell 2000
|
Barrier levels: | 1,308.66 for S&P 500 and 793.814 for Russell 2000; 70% of initial levels
|
Pricing date: | April 25
|
Settlement date: | April 30
|
Agent: | RBC Capital Markets Corp.
|
Fees: | None
|
Cusip: | 78010UXM4
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.