By Susanna Moon
Chicago, Nov. 18 – Royal Bank of Canada priced $3.5 million of 0% buffered bullish return notes with step-up feature due May 21, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the 115% step level, the payout at maturity will be par plus the return, up to a maximum return of 32.71%.
If the index gains by up to 115% step level, the payout will be the step payment of 15%.
Investors will receive par if the index falls by up to 20% and will lose 1.25% for every 1% decline beyond 20%.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Buffered bullish return notes with step-up feature
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| Underlying index: | S&P 500
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| Amount: | $3.5 million
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| Maturity: | May 21, 2019
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If index gains by more than 15%, par plus return up to cap of 32.71%; if index gains by up to 15%, then step payment of 15%; if index falls by up to 20%, par; otherwise, 1.25% loss per 1% decline beyond 20%
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| Initial level: | 2,053.19
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| Barrier level: | 80% of initial level
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| Step level: | 115% of initial level
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| Pricing date: | Nov. 16
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| Settlement date: | Nov. 19
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.75%
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| Cusip: | 78012KJM0
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