By Sarah Lizee
Olympia, Wash., April 9 – Royal Bank of Canada priced $1.78 million of 0% levered market plus notes due April 10, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 1.14 times the index gain.
If the index finishes flat or falls by up to 45%, the payout will be par.
If the index falls by more than 45%, investors will lose 1% for each 1% index decline below the initial level.
RBC Capital Markets, LLC is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are placement agents.
| Issuer: | Royal Bank of Canada
|
| Issue: | Levered market plus notes
|
| Underlying index: | S&P 500
|
| Amount: | $1.78 million
|
| Maturity: | April 10, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 114% of any index gain; par if index falls by up to 45%; full exposure to losses if index falls by more than 45%
|
| Initial level: | 2,892.74
|
| Barrier level: | 1,591.01, 55% of initial level
|
| Pricing date: | April 5
|
| Settlement date: | April 10
|
| Underwriter: | RBC Capital Markets, LLC with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents
|
| Fees: | 3%
|
| Cusip: | 78013X4Q8
|
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