RBC plans buffered bullish enhanced return notes linked to S&P 500

By Marisa Wong

Morgantown, W.Va., July 15 – Royal Bank of Canada plans to price 0% buffered bullish enhanced return notes due July 31, 2018 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 150% of any index gain, subject to a maximum payout of 114% of par.

Investors will receive par if the index falls by up to 18.5% to 21.5% and will be exposed to any losses beyond the buffer. The exact buffer will be set at pricing.

RBC Capital Markets, LLC is the agent.

The notes will price on July 26 and settle on July 29.

The Cusip is 78012KQU4.

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