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RBC plans to price barrier absolute return notes linked to S&P 500
By Sarah Lizee
Olympia, Wash., March 20 – Royal Bank of Canada plans to price 0% barrier absolute return notes due July 1, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus the index return.
If the final index level is less than or equal to the initial index level but greater than or equal to the barrier level, 70% of the initial index level, the payout will be par plus the absolute value of the index return.
If the final index level is less than the barrier level, investors will have one-to-one exposure to the index’s decline from its initial level.
RBC Capital Markets LLC is the underwriter.
The notes will price on March 26.
The Cusip number is 78015KNL4.
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