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RBC plans trigger step performance securities linked to S&P 500
By Jennifer Chiou
New York, Nov. 4 – Royal Bank of Canada plans to price 0% trigger step performance securities due Nov. 30, 2018 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of the step return and the index return. Investors will receive par if the index declines by 20% or less and will be fully exposed to the index’s decline from its initial level if it declines beyond 20%.
The step return is expected to be 19% to 25% and will be set at pricing.
The notes (Cusip: 78011Y629) will price on Nov. 24 and settle on Nov. 28.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
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