By Wendy Van Sickle
Columbus, Ohio, May 23 – Royal Bank of Canada priced $3.93 million of 0% notes due May 23, 2019 linked to the relative performance of the iShares MSCI Emerging Markets exchange-traded fund and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The relative value return will be the return of the ETF minus the return of the index, expressed as a percentage. The relative value return will be positive if the ETF outperforms the index.
If the relative value return is positive, the payout at maturity will be par plus 110% of the number of percentage points by which the ETF’s return exceeds the index’s return.
If the relative value return is negative, the payout will be par minus 1% for every 1% that the index’s return exceeds the ETF’s return.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Relative performance notes
|
| Underlying assets: | iShares MSCI Emerging Markets exchange-traded fund and S&P 500 index
|
| Amount: | $3.93 million
|
| Maturity: | May 23, 2019
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If relative value is positive, par plus 110% of number of percentage points by which ETF’s return exceeds index’s return; if relative value is negative, par minus 1% for every 1% that the index’s return exceeds ETF’s return
|
| Relative value: | Return of ETF minus return of index, expressed as a percentage
|
| Initial levels: | $41.15 for ETF and 2,381.73 for index
|
| Pricing date: | May 19
|
| Settlement date: | May 24
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.75%
|
| Cusip: | 78012KS81
|
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