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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 | |
---|---|---|---|---|---|---|---|---|
0.48 | 0.49% | 98.16 | 98.45 | 97.60 | 97.97 | 502,507 | 01:00:00 |
Title of Each Class of Securities Offered
|
Maximum Aggregate Offering Price
|
Amount of Registration Fee
(1)
|
||
Debt Securities
|
2,249,000
|
260.66
|
Per Note
|
Total
|
||
Price to public
(1)
|
100%
|
$2,249,000.00
|
|
Underwriting discounts and commissions
(1)
|
3.25%
|
$73,092.50
|
|
Proceeds to Royal Bank of Canada
|
96.75%
|
$2,175,907.50
|
RBC Capital Markets, LLC
|
Issuer:
|
Royal Bank of Canada (“Royal Bank”)
|
Issue:
|
Senior Global Medium-Term Notes, Series G
|
Underwriter:
|
RBC Capital Markets, LLC (“RBCCM”)
|
Reference Asset:
|
S&P 500
®
Index
|
Bloomberg Ticker:
|
SPX
|
Currency:
|
U.S. Dollars
|
Minimum Investment:
|
$1,000 and minimum denominations of $1,000 in excess thereof
|
Pricing Date:
|
March 28, 2017
|
Issue Date:
|
March 31, 2017
|
CUSIP:
|
78012KD38
|
Valuation Date:
|
September 28, 2022
|
Payment at Maturity
(if held to maturity):
|
If, on the Valuation Date, the Percentage Change is
positive
, then the investor will receive an amount per $1,000 principal amount per Note equal to:
Principal Amount + (Principal Amount x Percentage Change x Leverage Factor)
If, on the Valuation Date, the Percentage Change is
less than or equal to 0% but not by more than 50.00%
(that is, the Percentage Change is between zero and -50.00%), then the investor will receive the principal amount only.
If, on the Valuation Date, the Final Level is
less than the Barrier Level
(that is, the Percentage Change is between -50.01% and -100%), then the investor will receive a cash payment equal to:
Principal Amount + (Principal Amount x Percentage Change)
In this case, you will lose all or a portion of the principal amount of the Notes.
|
Percentage Change:
|
The Percentage Change, expressed as a percentage, is calculated using the following formula:
|
|
P-
2
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
Initial Level:
|
2,358.57, which was the closing level of the Reference Asset on the Pricing Date.
|
Final Level:
|
The closing level of the Reference Asset on the Valuation Date.
|
Leverage Factor:
|
104.50%
|
Barrier Level:
|
1,179.29, which is 50% of the Initial Level (rounded to two decimal places)
|
Maturity Date:
|
October 3, 2022, subject to extension for market and other disruptions, as described in the product prospectus supplement dated January 12, 2016.
|
Term:
|
Approximately five (5) years and six (6) months
|
Principal at Risk:
|
The Notes are
NOT
principal protected. You may lose all or a substantial portion of your principal amount at maturity if there is a percentage decrease from the Initial Level to the Final Level of more than 50.00%.
|
Calculation Agent:
|
RBCCM
|
U.S. Tax Treatment:
|
By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to treat the Note as a pre-paid cash-settled derivative contract for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in the Notes are uncertain and the Internal Revenue Service could assert that the Notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the section below under “Supplemental Discussion of U.S. Federal Income Tax Consequences,” and the discussion (including the opinion of our counsel Morrison & Foerster LLP) in the product prospectus supplement dated January 12, 2016 under “Supplemental Discussion of U.S. Federal Income Tax Consequences,” which apply to the Notes.
|
Secondary Market:
|
RBCCM (or one of its affiliates), though not obligated to do so, plans to maintain a secondary market in the Notes after the Issue Date.
The amount that you may receive upon sale of your Notes prior to maturity may be less than the principal amount of your Notes.
|
Listing:
|
The Notes will not be listed on any securities exchange.
|
Clearance and
Settlement:
|
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under “Description of Debt Securities—Ownership and Book-Entry Issuance” in the prospectus dated January 8, 2016)
.
|
Terms Incorporated
in the Master Note:
|
All of the terms appearing above the item captioned “Secondary Market” on pages P-2 and P-3 of this pricing supplement and the terms appearing under the caption “General Terms of the Notes” in the product prospectus supplement dated January 12, 2016, as modified by this pricing supplement.
|
|
P-
3
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
|
P-
4
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
Example 1 —
|
Calculation of the Payment at Maturity where the Percentage Change is positive.
|
|
Percentage Change:
|
10%
|
|
Payment at Maturity:
|
$1,000 + ($1,000 x 10% x 104.50%) = $1,000 + $104.50 = $1,104.50
|
|
On a $1,000 investment, a 10% Percentage Change results in a Payment at Maturity of $1,104.50, a 10.45% return on the Notes.
|
Example 2 —
|
Calculation of the Payment at Maturity where the Percentage Change is negative but the Final Level is greater than the Barrier Level.
|
|
Percentage Change:
|
-10%
|
|
Payment at Maturity:
|
In this case, even though the Percentage Change is negative, you will receive the principal amount of your Notes at maturity, because the closing level of the Reference Asset on the Valuation Date is greater than 50% of the Initial Level.
|
|
In this case, on a $1,000 investment, a -10% Percentage Change results in a Payment at Maturity of $1,000.00, a 0.00% return on the Notes.
|
Example 3 —
|
Calculation of the Payment at Maturity where the Percentage Change is negative, and the Final Level is less than the Barrier Level.
|
|
Percentage Change:
|
-60%
|
|
Payment at Maturity:
|
$1,000 + ($1,000 x -60%) = $1,000 - $600.00 = $400.00
|
|
In this case, on a $1,000 investment, a -60% Percentage Change results in a Payment at Maturity of $400.00, a -60% return on the Notes.
|
|
P-
5
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
· |
Principal at Risk -
Investors in the Notes could lose all or a substantial portion of their principal amount if the Final Level is less than the Barrier Level. In such a case, you will lose 1% of the principal amount of your Notes for each 1% that the Final Level is less than the Initial Level.
|
· |
The Notes Do Not Pay Interest and Your Return May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity
– There will be no periodic interest payments on the Notes as there would be on a conventional fixed-rate or floating-rate debt security having the same maturity. The return that you will receive on the Notes, 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 would earn if you bought a conventional senior interest bearing debt security of Royal Bank.
|
· |
Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are Expected to Affect the Market Value of the Notes
– The Notes are Royal Bank’s senior unsecured debt securities. As a result, your receipt of the amount due on the maturity date is dependent upon Royal Bank’s ability to repay its obligations at that time. This will be the case even if the level of the Reference Asset increases after the Pricing Date. No assurance can be given as to what our financial condition will be at the maturity of the Notes.
|
· |
There May Not Be an Active Trading Market for the Notes—Sales in the Secondary Market May Result in Significant Losses
– There may be little or no secondary market for the Notes. The Notes will not be listed on any securities exchange. RBCCM and other affiliates of Royal Bank may make a market for the Notes; however, they are not required to do so. RBCCM or any other affiliate of Royal Bank may stop any market-making activities at any time. Even if a secondary market for the Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any secondary market would be high. As a result, the difference between bid and asked prices for your Notes in any secondary market could be substantial.
|
· |
You Will Not Have Any Rights to the Securities Included in the Reference Asset
– As a holder of the Notes, you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of securities included in the Reference Asset would have. The Final Level will not reflect any dividends paid on the securities included in the Reference Asset, and accordingly, any positive return on the Notes may be less than the potential positive return on those securities.
|
· |
The Initial Estimated Value of the Notes Is Less than the Price to the Public
– The initial estimated value set forth on the cover page of this pricing supplement does not represent a minimum price at which we, RBCCM or any of our affiliates would be willing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sell the Notes 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 Reference Asset, 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 the estimated costs relating to our hedging of the Notes. These factors, together with various credit, market and economic factors over the term of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any secondary market and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any other relevant factors, the price, if any, at
|
|
P-
6
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
· |
The Initial Estimated Value of the Notes Is an Estimate Only, Calculated as of the Time the Terms of the Notes Were Set –
The initial estimated value of the Notes is based on the value of our obligation to make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See “Structuring the Notes” 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 Notes. These assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is significantly different than we do.
|
· |
Market Disruption Events and Adjustments
– The payment at maturity and the Valuation Date are subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market disruption event as well as the consequences of that market disruption event, see “General Terms of the Notes—Market Disruption Events” in the product prospectus supplement.
|
|
P-
7
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
|
P-
8
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
|
P-
9
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
|
P-
10
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
|
P-
11
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
Period Start Date
|
Period End Date
|
High Intra-Day Level
|
Low Intra-Day Level
|
Period-End Closing Level
|
1/1/2012
|
3/31/2012
|
1,419.15
|
1,258.86
|
1,408.47
|
4/1/2012
|
6/30/2012
|
1,422.38
|
1,266.74
|
1,362.16
|
7/1/2012
|
9/30/2012
|
1,474.51
|
1,325.41
|
1,440.67
|
10/1/2012
|
12/31/2012
|
1,470.96
|
1,343.35
|
1,426.19
|
1/1/2013
|
3/31/2013
|
1,570.28
|
1,426.19
|
1,569.19
|
4/1/2013
|
6/30/2013
|
1,687.18
|
1,536.03
|
1,606.28
|
7/1/2013
|
9/30/2013
|
1,729.86
|
1,604.57
|
1,681.55
|
10/1/2013
|
12/31/2013
|
1,849.44
|
1,646.47
|
1,848.36
|
1/1/2014
|
3/31/2014
|
1,883.97
|
1,737.92
|
1,872.34
|
4/1/2014
|
6/30/2014
|
1,968.17
|
1,814.36
|
1,960.23
|
7/1/2014
|
9/30/2014
|
2,019.26
|
1,904.78
|
1,972.29
|
10/1/2014
|
12/31/2014
|
2,093.55
|
1,820.66
|
2,058.90
|
1/1/2015
|
3/31/2015
|
2,119.59
|
1,980.90
|
2,067.89
|
4/1/2015
|
6/30/2015
|
2,134.72
|
2,048.38
|
2,063.11
|
7/1/2015
|
9/30/2015
|
2,132.82
|
1,867.01
|
1,920.03
|
10/1/2015
|
12/31/2015
|
2,116.48
|
1,893.70
|
2,043.94
|
1/1/2016
|
3/31/2016
|
2,072.21
|
1,810.10
|
2,059.74
|
4/1/2016
|
6/30/2016
|
2,120.55
|
1,991.68
|
2,098.86
|
7/1/2016
|
9/30/2016
|
2,193.81
|
2,074.02
|
2,168.27
|
10/1/2016
|
12/28/2016
|
2,277.53
|
2,083.79
|
2,238.83
|
1/1/2017
|
3/28/2017
|
2,400.98
|
2,245.13
|
2,358.57
|
|
P-
13
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
|
P-
14
|
RBC Capital Markets, LLC
|
|
|
Barrier Enhanced Return Notes
Linked to the S&P 500 ® Index, Due October 3, 2022 |
|
P-
15
|
RBC Capital Markets, LLC
|
1 Year Royal Bank of Canada Chart |
1 Month Royal Bank of Canada Chart |
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