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RBC to price 1.25%-1.55% geared buffered averaging notes linked to S&P
By Angela McDaniels
Tacoma, Wash., Feb. 13 – Royal Bank of Canada plans to price geared buffered fixed coupon notes with averaging due March 8, 2021 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon is expected to be 1.25% to 1.55% per year and will be set at pricing. Interest will be payable semiannually.
The average percentage change will be the change from the index’s initial level to the average of its closing levels on June 3, 2020, Sept. 3, 2020, Dec. 3, 2020 and March 3, 2021, subject to a minimum of zero.
If the final index level is at least 80% of the initial index level, the payout at maturity will be par plus the average percentage change. Otherwise, the payout will be par plus the average percentage change minus 1.25% for every 1% that the final index level declines beyond 20%.
RBC Capital Markets, LLC is the underwriter.
The notes will price March 3.
The Cusip number is 78012KA49.
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