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RBC plans bearish barrier market-linked notes due 2020 tied to S&P
By Sarah Lizee
Olympia, Wash., Aug. 6 – Royal Bank of Canada plans to price 0% bearish barrier market-linked notes with daily barrier observation due Aug. 31, 2020 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A barrier event will occur if the closing level of the index is less than the lower barrier, the initial level minus 30% to 37% of the initial level, any day during the life of the notes.
If a barrier event has occurred or if the final level of the index is greater than its initial level, the payout at maturity will be par plus 2%.
Otherwise, investors will receive par plus the absolute value of the index return.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
The notes will price on Aug. 28 and settle on Aug. 31.
The Cusip is 78013XRB6.
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