Published on 4/29/2016 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.77 million capped buffered gears on 10 financial stocks
By Wendy Van Sickle
Columbus, Ohio, April 29 – Royal Bank of Canada priced $1.77 million of 0% capped buffer gears due April 30, 2019 linked to an equally weighted basket of 10 stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying stocks are American International Group, Inc., Ally Financial Inc., Ameriprise Financial, Inc., Bank of America Corp., Citigroup Inc., Capital One Financial Corp., Discover Financial Services, Goldman Sachs Group, Inc., Invesco, Ltd. and JPMorgan Chase & Co.
If the basket return is greater than zero, the payout at maturity will be par of $10 plus 1.5 times the basket return, subject to a maximum return of 37%. If the basket finishes flat or falls by up to 10%, the payout will be par. Investors will be exposed to any losses beyond 10%.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Capped buffer gears
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| Underlying stocks: | American International Group, Inc., Ally Financial Inc., Ameriprise Financial, Inc., Bank of America Corp., Citigroup Inc., Capital One Financial Corp., Discover Financial Services, Goldman Sachs Group, Inc., Invesco, Ltd. and JPMorgan Chase & Co.; equally weighted
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| Amount: | $1,769,200
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| Maturity: | April 30, 2019
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par of $10 plus 1.5 times the basket return, subject to a maximum return of 37%; par if index falls by up to 10%; exposure to losses beyond 10%
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| Initial prices: | $56.55 for American International; $18.47 for Ally; $100.24 for Ameriprise; $15.09 for Bank of America; $47.10 for Citigroup; $75.96 for Capital One; $57.07 for Discover; $165.84 for Goldman; $32.43 for Invesco; $63.93 for JPMorgan
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| Pricing date: | April 26
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| Settlement date: | April 29
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 2.5%
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| Cusip: | 78013C864
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