Published on 4/4/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $12.01 million 11% STEP Income Securities linked to Goldman Sachs
By William Gullotti
Buffalo, N.Y., April 4 – Royal Bank of Canada priced $12.01 million of 11% STEP Income Securities due April 12, 2024 linked to the common stock of Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the shares finish at or above the step level, 111% of the initial share price, the payout at maturity will be par of $10 plus 5.25%.
Investors will be fully exposed to any decline.
BofA Securities Inc. is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | STEP Income Securities
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Underlying stock: | Goldman Sachs Group, Inc.
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Amount: | $12,007,300
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Maturity: | April 12, 2024
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Coupon: | 11% annually, payable quarterly
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Price: | Par of $10
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Payout at maturity: | If the shares finish at or above step level, par plus 5.25%; otherwise, investors will lose 1% for every 1% decline from initial level
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Initial share price: | $321.70
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Step level: | $357.09; 111% of the initial value
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Pricing date: | March 30
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Settlement date: | April 6
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Underwriter: | BofA Securities Inc.
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Fees: | 1.5%
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Cusip: | 78015B146
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