Published on 6/4/2018 in the Prospect News Structured Products Daily.
New Issue: RBC prices $3.63 million geared buffered reverse convertible notes on index, ETF
By Marisa Wong
Morgantown, W.Va., June 4 – Royal Bank of Canada priced $3.63 million of 5.3% geared buffered reverse convertible notes due Sept. 5, 2019 linked to the worse performing of the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless either asset falls by more than the 20% buffer, in which case investors will lose 1.25% for each 1% that the lesser performing asset falls beyond 20%.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Geared buffered reverse convertible notes
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Underlying assets: | Russell 2000 index, iShares MSCI EAFE ETF
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Amount: | $3,625,000
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Maturity: | Sept. 5, 2019
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Coupon: | 5.3%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless either asset falls by more than 20%, in which case 1.25% loss for each 1% loss beyond 20%
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Initial levels: | 1,633.609 for index, $69.40 for ETF
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Buffer levels: | 1,306.887 for index, $55.52 for ETF, 80% of initial levels
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Pricing date: | June 1
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Settlement date: | June 5
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Agent: | RBC Capital Markets, LLC
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Fees: | 5.3%
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Cusip: | 78013XLV8
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