Chicago, Aug. 14 – Royal Bank of Canada priced $802,000 of 0% buffered absolute return notes due July 31, 2025 linked to the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the notes are not called and the final ETF level is greater than or equal to its initial level, the payout at maturity will be par plus 200% of the ETF return, capped at par plus 20%.
If the ETF falls by up to 75%, the payout will be par plus the absolute value of the return.
Otherwise, investors will lose 1% for every 1% decline beyond 25%.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Buffered absolute return notes
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| Underlying fund: | SPDR S&P Regional Banking ETF
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| Amount: | $802,000
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| Maturity: | July 31, 2025
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| Coupon: | 0%
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| Price: | Par
|
| Payout at maturity: | Par plus two times ETF return if ETF gains or finishes flat, capped at par plus 20%; if ETF falls by up to 25%, par plus absolute value of the return; otherwise, 1% loss for each 1% decline beyond 25%
|
| Initial level: | $48.86
|
| Buffer level: | $36.65; 75% of initial level
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| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016NLL9
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