By Sarah Lizee
Olympia, Wash., Aug. 21 – Royal Bank of Canada priced $1.18 million of 0% bear market Performance Leveraged Upside Securities due March 4, 2020 linked inversely to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is less than the initial index level, the payout at maturity will be par of $10 plus 2% for every 1% that the index declines, subject to a maximum return of 11.25%.
If the final index level is greater than or equal to the initial index level, the payout will be par minus 1% for every 1% that the index increases.
RBC Capital Markets LLC is the agent. Morgan Stanley Wealth Management is handling distribution.
| Issuer: | Royal Bank of Canada
|
| Issue: | Bear market Performance Leveraged Upside Securities
|
| Underlying index: | S&P 500
|
| Amount: | $1.18 million
|
| Maturity: | March 4, 2020
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final index level is less than initial index level, par plus 2% for every 1% that index declines, subject to 11.25% maximum return; if final index level is greater than or equal to initial index level, par minus 1% for every 1% that index increases
|
| Initial level: | 2,888.68
|
| Pricing date: | Aug. 16
|
| Settlement date: | Aug. 21
|
| Agent: | RBC Capital Markets LLC
|
| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 1.75%
|
| Cusip: | 78014J306
|
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