Published on 11/15/2020 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.78 million capped buffered return enhanced notes on SPDR fund
By Taylor Fox
New York, Nov. 16 – Royal Bank of Canada priced $1.78 million of capped buffered return enhanced notes due Nov. 10, 2021 linked to the Industrial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 1.2 times the fund gain, capped at $1,120.12 per $1,000 of notes.
If the fund declines by up to 10%, the payout will be par. Investors will lose 1.1111% for each 1% decline beyond 10%.
RBC Capital Markets, LLC is the agent with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC acting as the placement agents.
Issuer: | Royal Bank of Canada
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Issue: | Capped buffered return enhanced notes
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Underlying fund: | Industrial Select Sector SPDR Fund
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Amount: | $1,780,000
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Maturity: | Nov. 10, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the fund return is positive, the payout at maturity will be par plus 1.2 times the index gain, capped at $1,120.12 per $1,000 of notes; if the fund declines by up to 10%, the payout will be par; investors will lose 1.1111% for each 1% decline beyond 10%
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Initial level: | $81.17
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Buffer level: | $73.05, 90% of initial level
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Pricing date: | Oct. 23
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Settlement date: | Oct. 28
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Agents: | RBC Capital Markets, LLC with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agent
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Fees: | 1%
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Cusip: | 78016EFX0
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