By Susanna Moon
Chicago, May 3 – Royal Bank of Canada priced $1 million of 0% autocallable barrier notes due April 30, 2020 linked to the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 9.2% if the underlying fund closes at or above its initial level on any quarterly observation date beginning Oct. 26, 2017.
The payout at maturity will be par unless the fund falls by more than 30%, in which case investors will be fully exposed to any losses.
RBC Capital Markets LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable barrier notes
|
| Underlying fund: | SPDR S&P Biotech ETF
|
| Amount: | $1 million
|
| Maturity: | April 30, 2020
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par unless fund falls below 70% barrier, in which case 1% loss for each 1% decline
|
| Call: | At par plus 9.2% annualized if fund closes at or above initial level on an quarterly review date beginning Oct. 26, 2017
|
| Initial level: | $70.55
|
| Barrier level: | $49.39, 70% of initial level
|
| Pricing date: | April 26
|
| Settlement date: | April 28
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 3%
|
| Cusip: | 78012KN29
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
