US Wrap: RBC turns Japanese on long-term note

Royal Bank of Canada has launched a new principal protected note linked to three indexes, including the Nikkei 225 Japanese equity benchmark. The structure lasts six-and-a-half years and also links to the S&P 500 and Dow Jones Euro Stoxx, with equal weighting attributed to all three basket constituents. Principal is 90% protected at maturity, and the participation rate is set at 100%. The basket note is the first that the bank has issued linking to the three indexes since October 2008.

ABN Amro also launched a smattering of reverse convertibles linked to US equities, including two energy producers: Cummins and First Solar, which were both packaged into six-month structures paying an annualised coupon of around 23%.

Issuer

Product type

Underlying(s)

Pricing date

Maturity date

Royal Bank of Canada

Principal Protected

EStoxx50E, N225, S&P500

Jun 26 2009

Dec 31 2015

Eksportfinans

Accelerated Growth

S&P500

Jun-2009

Oct 05 2010

ABN Amro

Reve