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RBC plans autocallable barrier notes linked to SPDR S&P MidCap 400
New York, July 6 – Royal Bank of Canada plans to price 0% autocallable barrier notes due July 25, 2018 linked to the SPDR S&P MidCap 400 ETF trust, according to an FWP filing with the Securities and Exchange Commission.
If the ETF closes at or above the call level of 110% to 112% of its initial level on Jan. 20, 2017 the notes will be automatically called at par plus the call level. The call level will be set at pricing.
If the notes are not called, the payout at maturity will be par plus any ETF gain. If the fund declines by up to 25% investors will receive par. If the fund declines by more than 25% then investors will be fully exposed to the losses.
RBC Capital Markets, LLC is the agent.
The notes will price on July 20 and settle on July 23.
The Cusip number is 78012KFN2.
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