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RBC plans contingent return optimization securities linked to S&P 500
By Angela McDaniels
Tacoma, Wash., May 2 - Royal Bank of Canada plans to price 0% contingent return optimization securities due Nov. 30, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is at least 80% of the initial index level, the payout at maturity will be par of $10 plus the greater of 6% and the index return, subject to a maximum return that is expected to be 15% to 21% and will be set at pricing. Otherwise, investors will lose 1% for every 1% that the final index level is below the initial level.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
The notes are expected to price May 27 and settle May 30.
The Cusip number is 78011Q287.
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