RBC plans barrier range accrual notes linked to S&P 500 index

By Jennifer Chiou

New York, Aug. 8 - Royal Bank of Canada plans to price barrier range accrual notes due Nov. 30, 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will accrue interest at an annualized rate of 6% to 8% for each day that the index closes at or above 80% of its initial level. Interest will be payable quarterly.

The payout at maturity will be par unless the index finishes below the 80% barrier level, in which case investors will share fully in losses.

The notes (Cusip: 78008SFT8) will price on Aug. 28 and settle on Aug. 31.

RBC Capital Markets, LLC is the agent.

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