Published on 9/7/2017 in the Prospect News Structured Products Daily.
New Issue: RBC sells $885,000 barrier absolute return notes on iShares MSCI EAFE
By Marisa Wong
Morgantown, W.Va., Sept. 7 – Royal Bank of Canada priced $885,000 of 0% barrier absolute return notes due Aug. 30, 2019 linked to the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund finishes above the initial level, the payout at maturity will be par plus the gain.
If the fund finishes at or below the initial level but never closes below its 76.75% barrier level during the life of the notes, the payout will be par plus the absolute value of the return.
Otherwise, investors will lose 1% for each 1% decline.
RBC Capital Markets LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Barrier absolute return notes
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Underlying fund: | iShares MSCI EAFE ETF
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Amount: | $885,000
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Maturity: | Aug. 30, 2019
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If fund gains, par plus gain; if fund finishes flat or falls but never dips below barrier level, par plus absolute value of fund return; otherwise, 1% loss per 1% decline
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Initial price: | $66.75
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Barrier level: | $51.23, 76.75% of initial price
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Pricing date: | Aug. 28
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Settlement date: | Aug. 31
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Agent: | RBC Capital Markets, LLC
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Fees: | None
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Cusip: | 78012K4V6
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