Published on 7/21/2014 in the Prospect News Structured Products Daily.
New Issue: RBC prices $25.79 million leveraged buffered notes linked to S&P 500
By Toni Weeks
San Luis Obispo, Calif., July 21 – Royal Bank of Canada priced $25.79 million of 0% leveraged buffered index-linked notes due July 15, 2016 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 1.4 times the index return, subject to a maximum settlement amount of $1,213.50 per $1,000 of notes.
Investors will receive par if the index falls by up to 10% and will lose 1.1111% for every 1% index decline beyond the 10% buffer.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Leveraged buffered index-linked notes
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Underlying index: | S&P 500
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Amount: | $25,791,000
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Maturity: | July 15, 2016
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is positive, par plus 140% of the index return, with maximum settlement amount of $1,213.50 per $1,000 principal amount; par if index falls by up to 10%; 1.1111% loss for every 1% decline in the index beyond 10%
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Initial index level: | 1,958.12
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Pricing date: | July 17
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Settlement date: | July 24
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Underwriter: | RBC Capital Markets, LLC
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Fees: | None
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Cusip: | 78010UN45
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