Published on 5/11/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $13.35 million notes linked to S&P, Dow
By William Gullotti
Buffalo, N.Y., May 11 – Royal Bank of Canada priced $13.35 million of 0% notes due May 1, 2025 linked to the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the laggard index finishes at or above its initial level, the payout at maturity will be par plus the return of that index, subject to a maximum payout of par plus 21%.
Otherwise, investors will receive par.
RBC Capital Markets LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Notes
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Underlying indexes: | S&P 500 index, Dow Jones industrial average
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Amount: | $13,352,000
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Maturity: | May 1, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain in laggard index, capped at par plus 21%; otherwise, par
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Initial levels: | 4,169.48 for S&P, 34,098.16 for Dow
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Pricing date: | April 28
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Settlement date: | May 3
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.15%
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Cusip: | 78016HWR7
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