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RBC plans absolute return notes with rebate feature linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Jan. 17 – Royal Bank of Canada plans to price 0% absolute return notes with rebate feature due Jan. 22, 2021 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index return is zero or positive, the payout at maturity will be par.
If the index return is negative but greater than or equal to negative 30%, the payout will be par plus the absolute value of the index return.
If the index return is less than negative 30%, the payout will be par plus the rebate return, 12.25%.
RBC Capital Markets, LLC is the agent.
The notes will price Jan. 18.
The Cusip number is 78013XXM5.
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