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RBC plans three-year leveraged market-linked step-up notes on indexes
By Susanna Moon
Chicago, April 1 - Royal Bank of Canada plans to price leveraged market-linked step-up notes due March 28, 2016 linked to a basket of three indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the S&P 500 index with a weight of 40% and the Euro Stoxx 50 index and the MSCI EAFE index each with a weight of 30%.
If the basket finishes above the step-up value - 118% of the initial level - the payout at maturity will be par plus 115% to 135% of the index gain.
If the basket finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 18%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
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