Published on 6/28/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $15.28 million trigger absolute return step notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, June 28 – Royal Bank of Canada priced $15.28 million of 0% trigger absolute return step securities due June 30, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above its initial level, the payout at maturity will be par plus the greater of the gain and the step return of 29.5%.
If the index falls but finishes at or above the 75% downside threshold, the payout will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the agent with UBS Financial Services Inc. as dealer.
Issuer: | Royal Bank of Canada
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Issue: | Trigger absolute return step securities
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Underlying index: | S&P 500
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Amount: | $15,283,280
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Maturity: | June 30, 2023
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index gains, par plus the greater of the gain and the step return of 29.5%; if index falls but finishes at or above downside threshold, par plus absolute value of the return; otherwise, full exposure to any losses
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Initial level: | 2,723.06
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Downside threshold: | 2,042.3, 75% of initial level
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Pricing date: | June 26
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Settlement date: | June 29
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Agent: | RBC Capital Markets, LLC
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Dealer: | UBS Financial Services Inc.
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Fees: | 3.5%
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Cusip: | 78014G138
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