Published on 6/14/2019 in the Prospect News Structured Products Daily.
New Issue: RBC sells $969,000 buffered absolute return notes linked to S&P 500
By Marisa Wong
Morgantown, W.Va., June 14 – Royal Bank of Canada priced $969,000 of 0% buffered absolute return notes due March 5, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus any gain in the index.
If the index declines by up to 20%, the payout will be par plus the absolute value of the return.
Otherwise, investors will lose 1% for every 1% decline beyond the 20% buffer.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Buffered absolute return notes
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Underlying index: | S&P 500
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Amount: | $969,000
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Maturity: | March 5, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain; if index falls by up to 20%, par plus absolute value of its return; 1% loss for each 1% decline beyond 20%
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Initial level: | 2,802.39
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Buffer level: | 2,241.91, 80% of initial level
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Pricing date: | May 28
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Settlement date: | May 31
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 3.25%
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Cusip: | 78013X6Y9
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