By Susanna Moon
Chicago, Feb. 27 – Royal Bank of Canada priced $1.9 million of 5.1% cash-settled geared buffered reverse convertible notes due April 28, 2016 linked to the worst performing of the iShares MSCI EAFE exchange-traded fund and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless either fund finishes below its geared buffer level, 85% of the initial price, in which case investors will lose 1.1764% for every 1% decline of the worst performing fund beyond 15%.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Cash-settled geared buffered reverse convertible notes
|
| Underlying funds: | iShares MSCI EAFE ETF and iShares Russell 2000 ETF
|
| Amount: | $1.9 million
|
| Maturity: | April 28, 2016
|
| Coupon: | 5.1%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund falls below geared buffer level, in which case investors will lose 1.1764% for every 1% drop of worst performing fund beyond 15%
|
| Initial prices: | $65.25 for EAFE; $122.80 for Russell
|
| Buffer prices: | $55.46 for EAFE; $104.38 for Russell; 85% of initial prices
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 2
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | None
|
| Cusip: | 78012KBY2
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
