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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Royal Bank of Canada | NYSE:RY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.96 | 1.98% | 101.18 | 101.31 | 99.99 | 100.12 | 726,500 | 19:49:22 |
ISSUER FREE WRITING PROSPECTUS
Filed Pursuant to Rule 433
Registration Statement No. 333-203433
Dated August 3, 2015
|
Investment Description
|
Contingent Return Optimization Securities are unconditional, unsecured and unsubordinated debt securities issued by Royal Bank of Canada with returns linked to the performance of the S&P 500® Index (the “Index”) (each, a “Security” and collectively, the “Securities”). If the Index Ending Level is equal to or greater than the Trigger Level of 80% of the Index Starting Level, Royal Bank of Canada will repay the principal amount at maturity plus pay a return equal to the greater of the Contingent Return of 10% and the Index Return, up to the Maximum Gain, which will be set on the Trade Date and is expected to be between 29.00% and 35.00%. If the Index Ending Level is less than the Trigger Level, you will be fully exposed to the negative Index Return and Royal Bank of Canada will pay less than the full principal amount at maturity, resulting in a loss of principal to investors that is proportionate to the percentage decline in the Index.
Investing in the Securities involves significant risks. The Securities do not pay dividends or interest. You may lose some or all of your principal amount. The Securities will not be listed on any exchange. The contingent repayment of principal applies only if you hold the Securities to maturity. Any payment on the Securities, including any repayment of principal, is subject to the creditworthiness of Royal Bank of Canada. If Royal Bank of Canada were to default on its payment obligations, you may not receive any amounts owed to you under the Securities and you could lose your entire investment.
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Features
|
Key Dates1
|
|
o Contingent Return with Participation Up to the Maximum Gain — At maturity, if the Index Ending Level is equal to or greater than the Trigger Level, Royal Bank of Canada will pay you the principal amount plus a return equal to at least the Contingent Return of 10%, with participation in any positive Index Return above the Contingent Return up to the Maximum Gain of between 29.00% and 35.00% (the actual Maximum Gain will be determined on the Trade Date). If the Index Ending Level is less than the Trigger Level, investors will be exposed to the negative Index Return at maturity.
o Contingent Repayment of Principal — The contingent return feature also provides for the contingent repayment of principal at maturity. If the Index Return is negative, but the Index Ending Level is greater than or equal to the Trigger Level, Royal Bank of Canada will repay your principal amount plus the 10% Contingent Return. If the Index Ending Level is less than the Trigger Level, investors will be exposed to the full downside performance of the Index and Royal Bank of Canada will pay less than the full principal amount at maturity, resulting in a loss of principal to investors that is proportionate to the percentage decline in the Index. Accordingly, you may lose some or all of the principal amount of the Securities. The contingent repayment of principal applies only at maturity. Any payment on the Securities, including any repayment of principal, is subject to the creditworthiness of Royal Bank of Canada.
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Trade Date1 August 26, 2015
Settlement Date1 August 31, 2015
Final Valuation Date2 August 27, 2018
Maturity Date2 August 31, 2018
1 Expected. In the event that we make any change to the expected Trade Date and Settlement Date, the Final Valuation Date and Maturity Date will be changed so that the stated term of the Securities remains approximately the same.
2 Subject to postponement in the event of a market disruption event and as described under “General Terms of the Securities — Market Disruption Events” on page PS- 14 in the accompanying product prospectus supplement CROS-2.
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NOTICE TO INVESTORS: THE SECURITIES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE ISSUER IS NOT NECESSARILY OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE SECURITIES AT MATURITY, AND THE SECURITIES CAN HAVE THE FULL DOWNSIDE MARKET RISK OF THE INDEX. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF ROYAL BANK OF CANADA. YOU SHOULD NOT PURCHASE THE SECURITIES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE SECURITIES.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER ‘‘KEY RISKS’’ BEGINNING ON PAGE 5 OF THIS FREE WRITING PROSPECTUS AND UNDER “RISK FACTORS” BEGINNING ON PAGE PS-2 OF PRODUCT PROSPECTUS SUPPLEMENT CROS-2 BEFORE PURCHASING ANY SECURITIES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR SECURITIES. YOU COULD LOSE SOME OR ALL OF THE PRINCIPAL AMOUNT OF THE SECURITIES.
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Security Offering
|
|||||||
We are offering Contingent Return Optimization Securities Linked to the S&P 500® Index. The return on the principal amount is subject to, and will not exceed, the predetermined Maximum Gain, which will be determined on the Trade Date. The Securities are offered at a minimum investment of 100 Securities at the Price to Public described below. The indicative Maximum Gain range for the Securities is listed below. The actual Maximum Gain, Index Starting Level and Trigger Level for the Securities will be determined on the Trade Date.
|
|||||||
Underlying Index
|
Contingent
Return
|
Maximum Gain
|
Index Starting
Level
|
Trigger Level
|
CUSIP
|
ISIN
|
|
S&P 500® Index
|
10%
|
29.00% to 35.00%
|
•
|
80% of the Index Starting Level
|
78013D524
|
US78013D5243
|
Price to Public
|
Fees and Commissions (1)
|
Proceeds to Us
|
||||
Offering of the Securities
|
Total
|
Per Security
|
Total
|
Per Security
|
Total
|
Per Security
|
Securities Linked to the S&P 500® Index
|
•
|
$10.00
|
•
|
$0.25
|
•
|
$9.75
|
UBS Financial Services Inc.
|
RBC Capital Markets, LLC
|
Additional Information About Royal Bank of Canada and the Securities
|
♦
|
Product prospectus supplement UBS-CROS-2 dated May 18, 2015:
|
♦
|
Prospectus supplement dated April 30, 2015:
|
♦
|
Prospectus dated April 30, 2015:
|
Investor Suitability
|
||
The Securities may be suitable for you if, among other considerations:
♦ You fully understand the risks inherent in an investment in the Securities, including the risk of loss of your entire initial investment.
♦ You can tolerate the loss of all or a substantial portion of the principal amount of the Securities and are willing to make an investment that may have the full downside market risk as a hypothetical investment in the Index.
♦ You believe the level of the Index will appreciate over the term of the Securities and that the appreciation is unlikely to exceed the Maximum Gain.
♦ You understand and accept that your potential return is limited by the Maximum Gain and you would be willing to invest in the Securities if the Maximum Gain was set to the bottom of the range indicated on the cover page of this free writing prospectus(the actual Maximum Gain will be determined on the Trade Date).
♦ You can tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the downside fluctuations in the level of the Index.
♦ You do not seek current income from your investment and are willing to forgo dividends paid on the Index stocks.
♦ You are willing to hold the Securities to maturity and accept that there may be little or no secondary market for the Securities.
♦ You are willing to assume the credit risk of Royal Bank of Canada for all payments under the Securities, and understand that if Royal Bank of Canada defaults on its obligations, you may not receive any amounts due to you, including any repayment of principal.
|
The Securities may not be suitable for you if, among other considerations:
♦ You do not fully understand the risks inherent in an investment in the Securities, including the risk of loss of your entire initial investment.
♦ You require an investment designed to provide a full return of principal at maturity.
♦ You cannot tolerate the loss of all or a substantial portion of the principal amount of the Securities, and you are not willing to make an investment that may have the full downside market risk as a hypothetical investment in the Index.
♦ You believe that the level of the Index will decline below the Trigger Level over the term of the Securities, or you believe the level of the Index will appreciate over the term of the Securities by a percentage that exceeds the Maximum Gain.
♦ You seek an investment that has unlimited return potential without a cap on appreciation.
♦ You would be unwilling to invest in the Securities if the Maximum Gain was set to the bottom of the range indicated on the cover page of this free writing prospectus(the actual Maximum Gain will be determined on the Trade Date).
♦ You cannot tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the downside fluctuations in the level of the Index.
♦ You seek current income from this investment or prefer to receive the dividends paid on the Index stocks.
♦ You are unable or unwilling to hold the Securities to maturity or you seek an investment for which there will be an active secondary market.
♦ You are not willing to assume the credit risk of Royal Bank of Canada for all payments under the Securities, including any repayment of principal.
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Indicative Terms of the Securities1
|
|
Issuer:
|
Royal Bank of Canada
|
Issue Price:
|
$10 per Security (subject to a minimum purchase of 100 Securities).
|
Principal Amount:
|
$10 per Security
|
Term:2
|
Approximately three years
|
Index:
|
S&P 500® Index
|
Contingent Return:
|
10%
|
Maximum Gain:
|
29.00% to 35.00% (to be determined on the Trade Date)
|
Payment at Maturity (per
$10 Security):
|
If the Index Ending Level is greater than or equal to the Trigger Level: Royal Bank of Canada will pay you:
$10 + $10 × [(the greater of: (a) the Contingent Return and (b) the Index Return), subject to the Maximum Gain];
If the Index Ending Level is less than the Trigger Level: Royal Bank of Canada will pay you:
$10 + ($10 × the Index Return)
In this scenario, you will lose some or all of the principal amount of the Securities in an amount proportionate to the negative Index Return.
|
Index: Return:
|
Index Ending Level - Index Starting Level
Index Starting Level
|
Trigger Level:
|
80% of the Index Starting Level.
|
Index Starting Level:
|
The Index Closing Level on the Trade Date.
|
Index Ending Level:
|
The Index Closing Level on the Final Valuation Date.
|
Investment Timeline
|
|||
Trade
Date:
|
The Maximum Gain is set. The Index Starting Level and Trigger Level are determined.
|
||
Maturity Date:
|
The Index Ending Level and Index Return are determined.
If the Index Ending Level is equal to or greater than the Trigger Level, Royal Bank of Canada will pay you a cash payment per $10 Security that provides you with your principal amount plus a return equal to the greater of the Contingent Return and the Index Return, subject to the Maximum Gain. Your payment at maturity per $10 Security will be equal to:
$10 + $10 x [(the greater of: (a) the Contingent Return and (b) the Index Return), subject to the Maximum Gain];
If the Index Ending Level is less than the Trigger Level, Royal Bank of Canada will pay you a cash payment that is less than the principal amount of $10.00 per Security, resulting in a loss of principal that is proportionate to the percentage decline in the Index, and equal to:
$10.00 + ($10.00 x Index Return)
In this scenario, you will lose some or all of the principal amount of the Securities in an amount proportionate to the negative Index Return.
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1
|
Terms used in this free writing prospectus, but not defined herein, shall have the meanings ascribed to them in the product prospectus supplement UBS-CROS-2 in the section titled “General Terms of the Securities.”
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2
|
In the event we make any change to the expected Trade Date and Settlement Date, the Final Valuation Date and Maturity Date will be changed to ensure that the stated term of the Securities remains approximately the same.
|
Key Risks
|
An investment in the Securities involves significant risks. Investing in the Securities is not equivalent to investing directly in any of the component securities of the Index. These risks are explained in more detail in the “Risk Factors” section of the accompanying product prospectus supplement UBS-CROS-2. We also urge you to consult your investment, legal, tax, accounting and other advisors before investing in the Securities.
|
♦
|
Your Investment in the Securities May Result in a Loss of Principal – The Securities differ from ordinary debt securities in that Royal Bank of Canada is not necessarily obligated to repay the full principal amount of the Securities at maturity. The return on the Securities at maturity is linked to the performance of the Index and will depend on whether, and the extent to which, the Index Return is positive or negative. If the Index Ending Level is less than the Trigger Level, you will be fully exposed to any negative Index Return and Royal Bank of Canada will pay you less than your principal amount at maturity, resulting in a loss of principal of your Securities that is proportionate to the percentage decline in the Index. Accordingly, you could lose the entire principal amount of the Securities.
|
♦
|
The Contingent Return Applies Only if You Hold the Securities to Maturity – You should be willing to hold the Securities to maturity. If you are able to sell your Securities in the secondary market, the return you realize will likely not reflect the full effect of the Contingent Return or the Securities themselves, and may be less than the return of the Index at the time of sale, even if that return is positive and less than the Maximum Gain.
|
♦
|
The Contingent Repayment of Principal Applies Only if You Hold the Securities to Maturity - The contingent repayment of principal is only available at maturity. If you are able to sell your Securities prior to maturity in the secondary market, you may have to sell them at a loss, even if the level of the Index is above the Trigger Level at the time of sale.
|
♦
|
The Appreciation Potential of the Securities Is Limited by the Maximum Gain – If the Index Return is positive, Royal Bank of Canada will pay you $10 per Security at maturity plus an additional return that will not exceed the Maximum Gain, regardless of the appreciation in the Index, which may be significant. Therefore, your return on the Securities may be less than your return would be on a hypothetical direct investment in the Index or in the component stocks of the Index.
|
♦
|
No Interest Payments – Royal Bank of Canada will not pay any interest with respect to the Securities.
|
♦
|
An Investment in the Securities Is Subject to the Credit Risk of Royal Bank of Canada – The Securities are unsubordinated, unsecured debt obligations of the issuer, Royal Bank of Canada, and are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Securities, including any repayment of principal at maturity, depends on the ability of Royal Bank of Canada to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of Royal Bank of Canada may affect the market value of the Securities and, in the event Royal Bank of Canada were to default on its obligations, you may not receive any amounts owed to you under the terms of the Securities and you could lose your entire initial investment.
|
♦
|
Your Return on the Securities May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity – The return that you will receive on the Securities, which could be negative, may be less than the return you could earn on other investments. Even if your return is positive, your return may be less than the return you could earn if you bought a conventional senior interest bearing debt security of Royal Bank of Canada with the same maturity date or if you were able to invest directly in the Index or the securities included in the Index. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money.
|
♦
|
Lack of Liquidity – The Securities will not be listed on any securities exchange. RBC Capital Markets, LLC (“RBCCM”) intends to offer to purchase the Securities in the secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Securities easily. Because other dealers are not likely to make a secondary market for the Securities, the price at which you may be able to trade your Securities is likely to depend on the price, if any, at which RBCCM is willing to buy the Securities.
|
♦
|
No Dividend Payments or Voting Rights – Investing in the Securities is not equivalent to investing directly in any of the component securities of the Index. As a holder of the Securities, you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of the equity securities underlying the Index would have. The Index is a price return index, and the Index Return excludes any cash dividend payments paid on its component stocks.
|
♦
|
The Initial Estimated Value of the Securities Will Be Less than the Price to the Public – The initial estimated value that is set forth on the cover page of this document, and that will be set forth in the final pricing supplement for the Securities, will be less than the public offering price you pay for the Securities, does not represent a minimum price at which we, RBCCM or any of our other affiliates would be willing to purchase the Securities in any secondary market (if any exists) at any time. If you attempt to sell the Securities prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is due to, among other things, changes in the level of the Index, the borrowing rate we pay to issue securities of this kind, and the inclusion in the price to the public of the underwriting discount, and our estimated profit and the costs relating to our hedging of the Securities. These factors, together with various credit, market and economic factors over the term of the Securities, are expected to reduce the price at which you may be able to sell the Securities in any secondary market and will affect the value of the Securities in complex and unpredictable ways. Assuming no change in market conditions or any other relevant factors, the price, if any, at which you may be able to sell your Securities prior to maturity may be less than the price to public, as any such sale price would not be expected to include the underwriting discount and our estimated profit and the costs relating to our hedging of the Securities. In addition, any price at which you may sell the Securities is likely to reflect customary bid-ask spreads for similar trades. In addition to bid-ask spreads, the value of the Securities determined for any secondary market price is expected to be based on the secondary rate rather than the internal borrowing rate used to price the Securities and determine the initial estimated value. As a result, the secondary price will be less than if the internal borrowing rate was used. The Securities are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Securities to maturity.
|
♦
|
Our Initial Estimated Value of the Securities Is an Estimate Only, Calculated as of the Time the Terms of the Securities Are Set — The initial estimated value of the Securities is based on the value of our obligation to make the payments on the Securities, together with the mid-market value of the derivative embedded in the terms of the Securities. See “Structuring the Securities” below. Our estimate is based on a variety of assumptions, including our credit spreads, expectations as to dividends, interest rates and volatility, and the expected term of the Securities. These assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the Securities or similar securities at a price that is significantly different than we do.
|
The value of the Securities at any time after the Trade Date will vary based on many factors, including changes in market conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Securities in any secondary market, if any, should be expected to differ materially from the initial estimated value of your Securities.
|
♦
|
Changes Affecting the Index – The policies of the index sponsor concerning additions, deletions and substitutions of the stocks included in the Index and the manner in which the index sponsor takes account of certain changes affecting those stocks included in the Index may adversely affect the level of the Index. The policies of the index sponsor with respect to the calculation of the Index could also adversely affect the level of the Index. The index sponsor may discontinue or suspend calculation or dissemination of the Index and has no obligation to consider your interests in the Securities when taking any action regarding the Index. Any such actions could have an adverse effect on the value of the Securities.
|
♦
|
Potential Conflicts – We and our affiliates play a variety of roles in connection with the issuance of the Securities, including hedging our obligations under the Securities. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Securities.
|
♦
|
Potentially Inconsistent Research, Opinions or Recommendations by RBCCM, UBS or Their Affiliates – RBCCM, UBS or their affiliates may publish research, express opinions or provide recommendations that are inconsistent with investing in or holding the Securities, and which may be revised at any time. Any such research, opinions or recommendations could affect the value of the Index or the equity securities included in the Index, and therefore, the market value of the Securities.
|
♦
|
Uncertain Tax Treatment – Significant aspects of the tax treatment of an investment in the Securities are uncertain. You should consult your tax adviser about your tax situation.
|
♦
|
Potential Royal Bank of Canada and UBS Impact on Price – Trading or other transactions by Royal Bank of Canada, UBS and our respective affiliates in the equity securities included in the Index or in futures, options, exchange-traded funds or other derivative products on the equity securities included in the Index may adversely affect the market value of those securities, the level of the Index and therefore, the market value of the Securities.
|
♦
|
Many Economic and Market Factors Will Impact the Value of the Securities – In addition to the level of the Index on any trading day, the value of the Securities will be affected by a number of economic and market factors that may either offset or magnify each other, including:
|
|
♦
|
the actual or expected volatility of the Index;
|
|
♦
|
the time remaining to maturity of the Securities;
|
|
♦
|
the dividend rate on the equity securities included in the Index;
|
|
♦
|
interest and yield rates in the market generally, as well as in each of the markets of the equity securities included in the Index;
|
|
♦
|
a variety of economic, financial, political, regulatory or judicial events; and
|
|
♦
|
our creditworthiness, including actual or anticipated downgrades in our credit ratings.
|
Hypothetical Examples and Return Table at Maturity
|
Hypothetical Index Ending
Level
|
Hypothetical Index
Return1
|
Hypothetical Payment at
Maturity ($)
|
Hypothetical Total Return
on Securities2 (%)
|
4,000.00
|
100.00%
|
$13.20
|
32.00%
|
3,500.00
|
75.00%
|
$13.20
|
32.00%
|
3,000.00
|
50.00%
|
$13.20
|
32.00%
|
2,800.00
|
40.00%
|
$13.20
|
32.00%
|
2,640.00
|
32.00%
|
$13.20
|
32.00%
|
2,600.00
|
30.00%
|
$13.00
|
30.00%
|
2,400.00
|
20.00%
|
$12.00
|
20.00%
|
2,300.00
|
15.00%
|
$11.50
|
15.00%
|
2,200.00
|
10.00%
|
$11.00
|
10.00%
|
2,060.00
|
3.00%
|
$11.00
|
10.00%
|
2,000.00
|
0.00%
|
$11.00
|
10.00%
|
1,900.00
|
-5.00%
|
$11.00
|
10.00%
|
1,800.00
|
-10.00%
|
$11.00
|
10.00%
|
1,600.00
|
-20.00%
|
$11.00
|
10.00%
|
1,400.00
|
-30.00%
|
$7.00
|
-30.00%
|
1,300.00
|
-35.00%
|
$6.50
|
-35.00%
|
1,200.00
|
-40.00%
|
$6.00
|
-40.00%
|
1,000.00
|
-50.00%
|
$5.00
|
-50.00%
|
500.00
|
-75.00%
|
$2.50
|
-75.00%
|
0.00
|
-100.00%
|
$0.00
|
-100.00%
|
What Are the Tax Consequences of the Securities?
|
The S&P 500® Index
|
Quarter Begin
|
Quarter End
|
Quarterly Closing High
|
Quarterly Closing Low
|
Quarterly Period-End
Close
|
1/01/2008
|
3/31/2008
|
1,447.16
|
1,273.37
|
1,322.70
|
4/01/2008
|
6/30/2008
|
1,426.63
|
1,278.38
|
1,280.00
|
7/01/2008
|
9/30/2008
|
1,305.32
|
1,106.39
|
1,166.36
|
10/01/2008
|
12/31/2008
|
1,161.06
|
752.44
|
903.25
|
1/01/2009
|
3/31/2009
|
934.70
|
676.53
|
797.87
|
4/01/2009
|
6/30/2009
|
946.21
|
811.08
|
919.32
|
7/01/2009
|
9/30/2009
|
1,071.66
|
879.13
|
1,057.08
|
10/01/2009
|
12/31/2009
|
1,127.78
|
1,025.21
|
1,115.10
|
1/01/2010
|
3/31/2010
|
1,174.17
|
1,056.74
|
1,169.43
|
4/01/2010
|
6/30/2010
|
1,217.28
|
1,030.71
|
1,030.71
|
7/01/2010
|
9/30/2010
|
1,148.67
|
1,022.58
|
1,141.20
|
10/01/2010
|
12/31/2010
|
1,259.78
|
1,137.03
|
1,257.64
|
1/03/2011
|
3/31/2011
|
1,343.01
|
1,256.88
|
1,325.83
|
4/01/2011
|
6/30/2011
|
1,363.61
|
1,265.42
|
1,320.64
|
7/01/2011
|
9/30/2011
|
1,353.22
|
1,119.46
|
1,131.42
|
10/03/2011
|
12/30/2011
|
1,285.09
|
1,099.23
|
1,257.60
|
1/02/2012
|
3/30/2012
|
1,416.51
|
1,277.06
|
1,408.47
|
4/02/2012
|
6/29/2012
|
1,419.04
|
1,278.04
|
1,362.16
|
7/02/2012
|
9/28/2012
|
1,465.77
|
1,334.76
|
1,440.67
|
10/01/2012
|
12/31/2012
|
1,461.40
|
1,353.33
|
1,426.19
|
1/01/2013
|
3/29/2013
|
1,569.19
|
1,457.15
|
1,569.19
|
4/01/2013
|
6/28/2013
|
1,669.16
|
1,541.61
|
1,606.28
|
7/01/2013
|
9/30/2013
|
1,725.52
|
1,614.08
|
1,681.55
|
10/01/2013
|
12/31/2013
|
1,848.36
|
1,655.45
|
1,848.36
|
1/01/2014
|
3/31/2014
|
1,878.04
|
1,741.89
|
1,872.34
|
4/01/2014
|
6/30/2014
|
1,962.87
|
1,815.69
|
1,960.23
|
7/01/2014
|
9/30/2014
|
2,011.36
|
1,909.57
|
1,972.29
|
10/01/2014
|
12/31/2014
|
2,090.57
|
1,862.49
|
2,058.90
|
1/02/2015
|
3/31/2015
|
2,117.39
|
1,992.67
|
2,067.89
|
4/01/2015
|
6/30/2015
|
2,130.82
|
2,057.64
|
2,063.11
|
7/01/2015
|
7/30/2015*
|
2,128.28
|
2,046.68
|
2,108.63
|
Supplemental Plan of Distribution (Conflicts of Interest)
|
Structuring the Securities
|
Terms Incorporated in Master Note
|
1 Year Royal Bank of Canada Chart |
1 Month Royal Bank of Canada Chart |
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