Published on 12/7/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $910,000 fixed-coupon barrier notes tied to Devon Energy
Chicago, Dec. 7 – Royal Bank of Canada priced $910,000 of 12.5% fixed-coupon barrier notes due Nov. 1, 2023 tied to the common stock of Devon Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the stock finishes below its 50% barrier price, in which case investors will lose 1% for every 1% decline from the stock’s initial price.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Fixed-coupon barrier notes
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Underlying stock: | Devon Energy Corp.
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Amount: | $910,000
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Maturity: | Nov. 1, 2023
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Coupon: | 12.5% per year, payable monthly
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Price: | Par
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Payout at maturity: | Par unless stock finishes below barrier level, in which case investors will lose 1% for every 1% decline from the stock’s initial price
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Initial price: | $76.56
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Barrier level: | $38.28; 50% of initial level
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Pricing date: | Oct. 27, 2022
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Settlement date: | Oct. 31, 2022
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78016H2P4
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