By Angela McDaniels
Tacoma, Wash., April 1 – Royal Bank of Canada priced $20.85 million of 0% dual directional trigger Performance Leveraged Upside Securities due April 3, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par of $10 plus 200% of the index return, subject to a maximum return of 28.5%.
If the final index level is less than or equal to the initial index level but greater than or equal to the trigger level, the payout will be par plus the absolute value of the index return. The trigger level is 80% of the initial index level.
If the final index level is less than the trigger level, investors will be fully exposed to the decline from the initial index level.
RBC Capital Markets, LLC is the agent. Distribution is through Morgan Stanley Wealth Management.
Issuer: | Royal Bank of Canada
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Issue: | Dual directional trigger Performance Leveraged Upside Securities
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Underlying index: | S&P 500
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Amount: | $20,846,140
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Maturity: | April 3, 2019
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If final index level is greater than initial index level, par plus 200% of index return, up to 28.5% maximum return; if final index level is less than or equal to initial index level but greater than or equal to trigger level, par plus absolute value of index return; if final index level is less than trigger level, full exposure to decline from initial index level
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Initial index level: | 2,059.74
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Trigger level: | 80% of initial level
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Pricing date: | March 31
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Settlement date: | April 5
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Agent: | RBC Capital Markets, LLC
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Distribution: | Morgan Stanley Wealth Management
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Fees: | 3%
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Cusip: | 78013C799
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