Published on 9/28/2009 in the Prospect News Structured Products Daily.
New Issue: RBC sells $231,000 buffered bullish digital notes linked to S&P 500
By E. Janene Geiss
Philadelphia, Sept. 28 - Royal Bank of Canada priced $231,000 of 0% buffered bullish digital notes due Sept. 30, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above its initial level, the payout at maturity will be par plus a digital coupon of 13%.
Investors will receive par if the index falls by 15% or less and will be exposed to any decline beyond 15%.
RBC Capital Markets Corp. is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Buffered bullish digital notes
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Underlying index: | S&P 500
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Amount: | $231,000
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Maturity: | Sept. 30, 2011
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus digital coupon of 13% if index gains; par if index falls by 15% or less; exposure to any decline beyond 15%
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Initial index level: | 1,044.38
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Buffer level: | 887.72, 85% of the initial level
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Underwriter: | RBC Capital Markets Corp.
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Fees: | 2%
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